A £22m investment pot to support low carbon technologies and innovations across the East of England has been launched.
Operated by the University of East Anglia, supported by Norfolk County Council and managed by cleantech merchant bank Turquoise, the Low Carbon Innovation Fund 2 (LCIF2) will invest in SMEs, including businesses in Norfolk and Suffolk. Investments will range from £25,000 up to £1 million for a variety of early and growth stage businesses from a range of different sectors.
The Fund is looking to invest in a wide range of businesses making an impact on greenhouse gas reduction, either through the development of technologies, products and services.
The fund will assess suitable investment opportunities on a case-by-case basis, investing £11m of public funds from the European Regional Development Fund, and helping to mobilise at least the same amount in matching private co-investment. At a time when many other early stage investors may be holding back from making new investments Low Carbon Innovation Fund is open for business and welcomes new applications.
The first three investments have just been approved into businesses developing paper based packaging, electric vehicle range efficiency software and fast-recharge technology.
LCIF2’s Fund Manager, Turquoise, has a strong track record in Energy, Environment and Efficiency ventures, having previously acted as fund manager for the first Low Carbon Innovation Fund initiative (LCIF1). LCIF1 invested £21 million alongside £55m of private co-investment in the region between 2011 and 2015, helping make the region one of the most active cleantech venture areas in the country.
Find out more about the fund at www.lowcarbonfund.co.uk.