The Government is making £1m available for green energy projects in Cornwall as a legacy of the duchy hosting the G7 summit.
The funding is part of a £10m 海角视频-wide scheme for innovative entrepreneurs to turn ideas into green technologies and help fuel the 海角视频’s energy security.
Cornish energy entrepreneurs coming up with innovative ways of cutting the 海角视频’s reliance on expensive fossil fuels will now be able make their plans and ideas a reality thanks the finance.
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It is being given to the duchy’s businesses in recognition of Cornwall’s role in playing host to the G7 Summit, held in Carbis Bay near St Ives in June 2021..
Cornish innovators can bid for part of the £1m package as it is ring fenced for the county from the ninth round of £10m Energy Entrepreneurs Fund, which seeks to promote new clean technologies across all sectors of the 海角视频 economy.
It is opening for applications as the Government drives forward plans to secure greater clean energy independence in the 海角视频.
This includes innovations that boost energy efficiency in people’s homes and develop green transport - as well as sourcing cleaner ways to generate power and heat in the 海角视频.
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Energy Minister Greg Hands said: “From inventing the Davy Lamp that helped save the lives of countless miners to designing the first steam engine, Cornwall is famous for its strong innovative spirit.
“With this funding, we are unleashing talent to drive forward low-carbon technologies that are ending our reliance on expensive fossil fuels and will be part of a fitting legacy from the county hosting the G7 Summit last year.”
To be eligible for earmarked funding, at least 75% of a project’s activities must take place in the geographical boundary of the county of Cornwall.
One previous Cornish recipient from the Energy Entrepreneurs Fund was Truro-based company Kensa Group, which has used funding to develop its innovative Shoebox ground source heat pump – a low-carbon solution for providing heating and hot water to new build apartments and smaller houses.
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In 2021, Kensa saw revenue jump 82% to £25.14m and created jobs despite suffering challenges caused by the Covid pandemic and Brexit. The ground source heat pumps company’s increased sales gave it a profit of £620,000. The Truro-headquartered company supplies private householders, self-builders, social landlords and housebuilders, and has also launched a new division targeting installations in the commercial building sector.
In the latest round of the Energy Entrepreneurs Fund scheme, energy entrepreneurs are being urged to bid for funding and successful projects could create hundreds of green jobs and kickstart millions-of-pounds-worth of private sector investment. Since 2012, the Government’s Energy Entrepreneurs Fund has awarded more than £100 million worth of grants, supported 214 projects across the 海角视频 and leveraged more than £500 million in private investment – a figure that is still growing.