The UK’s most promising early stage clean growth ventures have the opportunity to secure investment from a new £40 million investment fund, established by the Department of Business, Energy & Industrial Strategy (BEIS), in partnership with CCLA, one of the UK’s largest fund managers.
The Clean Growth Fund will invest in the UK’s most promising early-stage “clean growth” companies pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste. It will seek to accelerate the development and commercialisation of clean growth technologies, to create new and skilled jobs across the country, and contribute to the UK’s efforts to deliver net zero by 2050.
BEIS and the CCLA are the cornerstone investors for the Clean Growth Fund. The Fund has ambitions for a £100 million fund and CGIM is now seeking investment from others – pension funds, Limited Partner(LP) investors and family offices.
Business Secretary, Alok Sharma, said: “The need for innovative and ambitious ideas across green industries has never been greater. I am pleased that with the help of this Fund, promising clean growth start-ups will be able to step up to accelerate the UK’s recovery, while supporting our path to Net Zero by 2050. This pioneering new Fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.”