Government creates £1m G7 legacy fund for Cornwall’s green energy innovators
The government is making £1million available for green energy projects in Cornwall as a legacy of the Duchy hosting the G7 summit.
The funding is part of a £10million scheme for innovative entrepreneurs to turn their ideas into green technologies and help boost UK energy security.
Cornish energy entrepreneurs who come up with innovative ways to reduce the UK’s reliance on expensive fossil fuels will now be able to turn their projects and ideas into reality with the funding.
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It is given to businesses in the Duchy in recognition of Cornwall’s role in hosting the G7 Summit, held at Carbis Bay near St Ives in June 2021.
Cornish innovators can bid for part of the £1million package as it is closed for the county from the ninth round of the £10million Energy Entrepreneurs Fund, which seeks to promote new clean technologies in all sectors of the UK economy.
It is open for applications as the government pushes forward with plans to secure greater clean energy independence in the UK.
This includes innovations that improve energy efficiency in homes and develop green transport – as well as finding cleaner ways to generate electricity and heat in the UK.
Energy Minister Greg Hands said: “From the invention of the Davy lamp which helped save the lives of countless miners, to the design of the first steam engine, Cornwall is famous for its strong spirit of innovation.
“With this funding, we are freeing up talent to advance low-carbon technologies that end our reliance on expensive fossil fuels and will be part of a fitting legacy from the county that hosted the G7 summit last year. last.”
To be eligible for earmarked funding, at least 75% of a project’s activities must take place within the geographic boundaries of Cornwall County.
A former Cornish beneficiary of the Energy Entrepreneurs Fund was Truro-based Kensa Group, which used funds to develop its innovative Shoebox geothermal heat pump – a low-carbon solution for providing heating and hot water new apartments and small houses.
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In 2021, Kensa saw its revenue jump 82% to £25.14m and created jobs despite the difficulties caused by the Covid pandemic and Brexit. The company’s increased sales of geothermal heat pumps earned it a profit of £620,000. The Truro-headquartered business supplies private households, self-builders, social landlords and home builders, and has also launched a new division targeting installations in the commercial building sector.
In the latest round of the Energy Entrepreneurs Fund programme, entrepreneurs in the energy sector are invited to apply for funding and successful projects could create hundreds of green jobs and jump-start millions of pounds of private sector investment. Since 2012, the government’s Energy Entrepreneurs Fund has awarded over £100m in grants, supported 214 projects across the UK and mobilized over £500m in private investment – a figure that continues to grow. to increase.