Vince Cable announces substantial investment in green technology
£200m to be invested into two clean technology funds
Business secretary Vince Cable has unveiled plans to create a new renewable energy technology and innovation centre in a bid to help businesses capture a share of the global market.
The government underscored its commitment to the green economy with two major investments in renewable energy technology, with the business secretary announcing the launch of a competition to form an Offshore Renewable Energy technology and innovation centre.
The centre will allow businesses access equipment and expertise to help them commercialise new and emerging technology and move into the global market.
Cable said: “The government is committed to increasing investment in clean technologies to support innovation and growth. This funding provides the support to allow private sector industries to grow and for them to become more energy efficient. Transforming the UK into a low carbon economy is a great challenge, but one that we are taking seriously with investments such as this.”
The business secretary also announced that £200m will be invested into two clean technology funds: Zouk Cleantech 2 and HG Capital Renewable Power Partners 2, as part of the £325m UK Innovation Investment Fund (UKIIF).
The funds will support innovative businesses with high growth potential that are raising equity finance. The money will then be invested into companies working on the following: alternative energy generation, renewable energy infrastructure, energy efficiency and water treatment and conservation.
Chief executive of the Technology Strategy Board, Iain Gray, said: “These centres will be a vital part of the UK’s innovation landscape and enable world leading businesses to emerge in these areas.”