A £4m fund is available for data-driven asset management innovators who can help digitise and decarbonise energy-consuming assets within buildings and industry.
Equans has partnered with Innovate UK to make strategic investments in clean technology start-ups and SMEs. Data-driven asset management innovators can apply for £100,000 to £1m in funding. Equans’ investments will be matched by funding from Innovate UK to help companies accelerate their innovative R&D activity.
The funding comes from the Clean Growth Fund. Valued at £4m, 50% of the fund is investment from Equans, the other 50% is a grant from Innovate UK.
The partnership is claimed to be the first of its kind. It demonstrates the benefits of private-public sector collaboration to overcome key challenges associated with achieving net zero by 2050 in the UK. It will also help Equans’ customers to achieve their goals of reaching net zero.
Applicants must be a UK-registered micro, small or medium-sized business with an established presence in the UK. The project proposed for funding should be completed by June 2024 and relate to a feasibility study or industrial research. It should not be an experimental development.
It is anticipated that most of the funding will go to projects that are at technology readiness levels 3-5. However, innovative business models or novel integrations of more mature technologies may also be fundable.
Ian Meikle, director of clean growth and infrastructure at Innovate UK, explained: “We are seeking the very best of British ideas in clean growth innovation. By teaming up with Equans, we can multiply our funding and do even more to grow the industries, businesses and jobs of tomorrow by bringing in the private sector at an earlier stage through this investment accelerator programme.”
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