£7m to help foundation industries reduce energy use: A share of £7 million is on offer to assist foundation industries, for example, cement, ceramics, glass, paper, metals & bulk chemical sectors, to lower resource and energy use.
Innovate UK, a section of UK Research & Innovation (UKRI), is looking for partner investors ready to invest in businesses that carry out assignments using support from the fund.
Investor associates will be anticipated to identify potential businesses – which could be opportunities currently under consideration, new investments for the organisation, and SMEs currently in a portfolio seeking further investment & grant funding.
Being worth £52 billion to the economy, foundation industries are vital for UK manufacturing however they are responsible for about 10% of carbon emissions in the country and consume large amounts of raw materials & energy.
Manufacturing equipment has longevity and it is not easy to present efficiencies that improve resource use and keeps up competitiveness on the global stage.
Businesses will be requested to present funding applications for projects that help reduce energy expense and optimisation such as heat or energy recovery & reuse such as process measurement, optimisation and digitisation as well as sensor technology or digital tools.
They also include new product and service development such as new materials or business models & waste recycling, utilisation and symbiosis, such as reuse of waste or industrial symbiosis.
Investors will be requested to make an investment that equals or exceeds the value of the grant from Innovate UK & may include venture capital, angel networks or corporate venture investors.
The competition to seek investor partners is open with the deadline for applications being 9th December 2020.
Business projects may vary in size between £50,000 & £2 million and last up to two years.
£7m to help foundation industries reduce energy use