In an effort to support green start-ups across the UK, the government have launched a joint funded £40 million venture capital fund. The fund is to develop new, clean, low-carbon technologies.
The Clean Growth Fund will contribute to achieving net zero by 2050. It will be available to UK based companies developing green technologies across sectors such as transport, waste, power and energy efficiency.
Furthermore, the governments £20 million investment will be matched, pound for pound, by CCLA. It is thought that the fund could reach £100 million by 2021 due to private sector funding.
CCLA’s Chief Investment Officer, James Bevan, commented:
“We decided it was time for CCLA to invest in the very best early stage technologies to support the UK Net Zero objective. In partnership with BEIS, we have developed a solution, the Clean Growth Fund. Through the Clean Growth Fund, we now look forward to working with other investors to support these exciting young UK companies aiming to reduce carbon emissions.”
For more information on this, head over to www.gov.uk