finance

Three Scottish sustainable tech projects get UK Government funding



Three Scottish companies are among 19 projects from across the UK which have received £27m of UK Government funding under its Sustainable Innovation Fund (SIF).

Delivered by Innovate UK, the SIF was announced by ministers last June.

Totalling £200m, the fund ensures that innovative ideas led by companies recovering from the impact of coronavirus will not be lost. It is also aimed at supporting the UK’s goals to cut carbon emissions to net zero by 2050.

Glasgow-based Flex Marine Power has been awarded £1.86m to develop its SwimmerTurbine, a 50kW tidal turbine.

This aims to make the harnessing of the UK’s abundant tidal resource for power generation more commercially feasible.

Two Linlithgow-based businesses were also awarded money – medical waste specialist Impact Recycling got £2.98m, while recycled content verification firm SPRCOE received £752,876.

The funding forms part of a wider £750m package of grants and loans announced last April, which sits alongside the £500m Future Fund that provides match-funding to private investors.

In the last year, Innovate UK has supported UK firms with £550m of grants and loans as part of its Covid-19 response. In total, 1,090 SIF projects have been supported with more than £160m.

UK Energy Minister Anne-Marie Trevelyan said: “Reaching our net zero goal will mean harnessing the innovation and creativity of entrepreneurs across the country, which is why I am thrilled to see Innovate UK backing these excellent projects across the UK.

“It is precisely this kind of ingenuity which will help us to build back greener from the pandemic.”

Simon Edmonds, deputy executive chair and chief business officer at Innovate UK said: “UK innovators have risen to the challenge of the pandemic to come up with big, bold ideas to help the economy roar back in a sustainable way.

“By supporting enterprise and academia all over the country, Innovate UK is backing not only business but our net-zero goals.”

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more