£29m fund aimed at UK power sector

The Energy Innovation Centre (EIC) is awarding funding in excess of £29m for companies looking to bring new and innovative ideas to the UK’s energy market.

The funding originates from Ofgem’s Innovation Funding Incentive scheme and the £500m Low Carbon Networks (LCN) Fund.

Investments will be selected by electricity distributors Electricity North West, Northern Power Grid, ScottishPower Energy Networks, Scottish and Southern Energy and UK Power Networks.

Each of these companies will be looking to implement new services and technologies to enhance the way power is transported, monitored and stored in the coming years.

Denise Massey, Director of the Energy Innovation Centre, said: “This is another huge step forward for innovators and businesses that need to accelerate their ideas to market. As part of this initiative we will continue to deliver a range of support services, including opportunities to test technologies on high and low voltage power networks and establish relationships with potential customers.

“This is an opportunity for the UK to further develop the way energy is distributed whether this is a new or early stage idea or an existing technology from another industry which will improve the energy supply process. We are looking for products that will help manage demand, and encourage more efficient use of energy in the home and workplace.”

The UK power industries operate power networks currently invest £1.5bn each year on maintaining and growing the 500 000 miles of cable needed to deliver electricity to UK homes. This network will need to be updated in future as the stream of energy changes from a single flow from a centralised generation, to more localised production, such as microgeneration.

Since its launch in 2008, the Energy Innovation Centre has provided business support to over 140 SMEs, start-ups and inventors from the UK and on an international scale.

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