Major investment in green technology
The Government has underscored its commitment to the green economy with two major investments in renewable energy technology.
Business Secretary Vince Cable announced the start of a competition to form an Offshore Renewable Energy technology and innovation centre (TIC). The new centre will focus on technologies for offshore wind, wave and tidal power.
The Government has committed more than £200 million over the next four years to establish an elite network of at least six technology and innovation centres. The centres allow businesses to access equipment and expertise to help them commercialise new and emerging technology - and will help them capture a share of the global market.
Vince Cable said:
“The UK is a world leader in offshore engineering and our reputation makes us an excellent location for research in this area.
“In creating an Offshore Renewable Energy technology and innovation centre we are taking the next step to transforming the UK into a low carbon economy. There is a clear opportunity for the Government to support the UK’s offshore industry and this centre will be of great benefit to the sector and the economy.”
“The Government is committed to greening the economy - and despite the difficult financial challenges we face, we have already achieved a great amount, such as a vision for a Green Investment Bank and a commitment to world leading carbon reduction.”
The funds will support innovative businesses with high growth potential that are raising equity finance. The money will then flow into companies working on:
- Alternative energy generation.
- Renewable energy infrastructure including wind farms.
- Energy efficiency.
- Water treatment and conservation.
Those organisation interested in running, being a part of or working with the new TIC can contact the Technology Strategy Board (TSB) on 0300 321 4357 or email competitions@tsb.gov.uk