£28 million for energy innovation projects to help to bring down energy costs

20 April 2017

An Industrial Strategy green paper has highlighted the government’s commitment to minimise business energy costs and support the competitiveness of UK companies as we pursue our climate change targets in the most cost effective way. Minister of State for Climate Change and Industry Nick Hurd attended the Rushlight Awards where he announced funding for a series of energy innovation projects.

The funding boost of £28 million will be invested in smart systems, industrial energy reduction and offshore wind demonstrating our commitment to building a low carbon, low cost future. This forms part of the government’s commitment to double support for energy innovation, up to £400 million per year in 2021.

More details of the government’s Energy Innovation Programme and funding are available from the GOV.UK Energy Innovation page. This financial support follows on the government’s vision to ensure the UK continues to be the global leader in science and research. The Industrial Strategy green paper identifies that we need to do more to commercialise the world-class ideas and discoveries made in Britain, and put the UK and British companies at the forefront of innovation. Minister for Climate Change and Industry Nick Hurd said: Innovation in energy will play an important role to shape our low carbon future to rebuild an outdated energy system.

That’s why we’ve increased our financial support, helping to create jobs and opportunities for people across the UK. Our Industrial Strategy green paper seeks views on how we can support these emerging technologies, ensuring we drive growth and develop international partnerships across our world leading research, science and innovation sector.

Under the new investment, up to £9 million will be spent on a competition to reduce the cost of energy storage, including electricity, thermal, and power-to-gas storage and up to £600,000 for feasibility studies for projects that can store energy on a large scale, for use when it’s needed. Up to £7.6 million will be available for advancing energy demand side response technologies that can help both private and public sector organisations reduce energy use in peak times. To reduce the cost of energy for industry, the government will invest around £9 million in a competition for ‘industrial energy efficiency accelerator’.

Source: Welding World

Written By Sharon Shaw