A UEA-run fund that has already invested nearly £2m into innovation projects is opening up to provide further financial support to interested companies at two upcoming events.
The Low Carbon Innovation Fund 2 (LCIF2) launched last year and supports innovative products and technologies and will have a tangible impact on reducing greenhouse gas emissions.
LCIF2 is operated by UEA, with support from Norfolk County Council and three Local Enterprise Partnerships (LEPs), including the New Anglia LEP, and managed by UK bank Turquoise, which specialises in energy and efficiency. The fund has already invested £1.7 million into seven companies since its launch, with a total of £10.9m slated for investment by the end of 2023.
Two short online LCIF2 events will be held on Wednesday 31 March and Wednesday 13 April for companies looking for investment into emissions related projects, with more information on the fund and how to apply.
The projects do not have to be based entirely in renewable energy or related sectors but must offer a more energy or resource efficient alternative to what is currently operating in the market.
Connected Energy, based in Hethel, is one company that has benefited from investment from LCIF2. It specialises in reusing electric vehicle batteries, which typically become redundant after losing just 25% of their capacity, to build the grid-scale energy storage systems needed to smooth fluctuations in demand by large energy users, and in supply by solar and wind farms.
Matthew Lumsden, CEO and founder of Connected Energy, said: “We’re delighted to add LCIF2 to our growing roster of investors. The fund is an interesting hybrid, backed by and therefore strengthening our links with local and national government, but with a typical private fund’s focus on financial returns.”
To register for either of the upcoming LCIF2 events, visit their website.