Bloomberg News

U.K. Creates Fund for Low Carbon, Energy Efficiency Businesses

August 23, 2012

The U.K. created a 16 million-pound ($25 million) fund to support small and medium-sized businesses developing ideas to generate clean power and cut energy waste.

About 10 million pounds of the money, part of a 35 million- pound Entrepreneurs Fund, will be invested in energy efficiency technology and the rest in power generation and storage, the Department of Energy and Climate Change said in a statement.

Britain wants 15 percent of its energy and 12 percent of its heat to come from renewables by 2020. Renewables made up 9.4 percent of generation in 2011 and 3.8 percent of energy use.

The fund’s remaining 19 million pounds will be available from next year, with businesses bidding for as much as 1 million pounds in a bid to help them access additional private finance.

To contact the reporter responsible for this story: Louise Downing in London at Ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg in London at landberg@bloomberg.net


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