Early stage clean growth ventures can now secure investment from a new £40 million investment fund.
The Clean Growth Fund (CGF) has a £20 million cornerstone investment through the Department for Business, Energy and Industrial Strategy’s Energy Innovation Programme, and a £20 million investment from CCLA,one of the UK’s largest charity fund managers. It aims to attract private capital to bring that total to £100 million. It will invest in the UK’s most promising early-stage companies, pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste. It will seek to accelerate the development and commercialisation of clean growth technologies, to create new and skilled jobs across the country, and contribute to the UK’s efforts to deliver net zero by 2050.
The Clean Growth Fund will be managed by Clean Growth Investment Management LLP (CGIM). The managing partner of CGIM is Beverley Gower-Jones, working in partnership with Northstar Ventures to bring together in-depth knowledge of the UK low carbon technology sector and investment expertise.
CGIM is now seeking wider private sector investment from others – pension funds, Limited Partner investors and family offices.
Alok Sharma, secretary of state at BEIS, said: “The need for innovative and ambitious ideas across green industries has never been greater. I am pleased that with the help of this Fund, promising clean growth start-ups will be able to step up to accelerate the UK’s recovery, while supporting our path to Net Zero by 2050. This pioneering new Fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.”
See the Clean Growth Fund here