Where is Innovation funding in the UK going?
Small and Medium sized enterprises (SME’s) are a pivotal part of the energy transition. A focus on new and innovative technologies can help create new opportunities to reach net zero targets.
Over the last few months, various funding rounds and accelerator partnerships have occurred, providing SME’s with the appropriate funding to efficiently contribute to the UK’s journey to Net Zero.
The first of three funding rounds I will discuss is from the Government’s Net Zero Innovation portfolio (NZIP).
Delivered by the Department for Energy Security and Net Zero, the NZIP have acquired £1.3billion to develop key technologies, accelerate commercialisation, scale up net zero infrastructure, and increase consumer uptake of the delivery of the UK’s net zero targets.
£3.25million of the funding will be used to support projects using artificial intelligence (AI) to accelerate Solar’s connection to the electricity grid. 12 AI SME’s will receive a share of £1,000,000 worth of funding. Two examples include:
Open Climate Fix (ltd) (£121,500)
- Open Climate Fix develop AI technology that will use satellite data to forecast the amount of Solar energy transferred to the grid to reduce network congestion and heighten the efficiency of the energy transition.
University of Nottingham (£133, 932)
- The University of Nottingham are supporting efforts to improve the forecasting of Solar energy production using sky imaging and weather data.
The remaining £2.23million will go toward AI projects aiming to cut emissions in the energy sector.
Innovate UK have also received £500,000 worth of funding. Their Digital Catapult Agency has received the funding to launch the UK’s first Centre of Excellence on AI Innovation and Decarbonisation (ADViCE). ADViCE will create a hub to bring together businesses, academics, and experts to advance research into AI solutions that will help cut emissions.
The Net Zero Technology Centre has opened its application for its 2024 TechX accelerator programme. The programme offers £100,000 worth of funding for 12 low-carbon technology companies specialising in:
- Low carbon hydrogen
- Renewable power
- Decarbonised industrial heat
- Carbon capture utilisation and storage
- Alternative fuels and green chemicals
BP, Equinor Ventures and ADNOC are the strategic partners backing the TechX accelerator, offering the 12 successful SME’s the appropriate mentoring, technology development and commercial support to succeed.
Support structures like these are vital for the success of new and innovative technologies in the energy industry. Appropriate funding to innovation can unlock additional opportunities to reach net zero.
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