Low-carbon funding for businesses tops £70m since 2010
PUBLISHED: 20:03 09 February 2016 | UPDATED: 20:03 09 February 2016
More than £70m has been invested in businesses in the region during the first round of funding distributed by the University of East Anglia’s Low Carbon Innovation Fund (LCIF).
It supported 45 small to medium-sized enterprises (SMEs) in the East of England across sectors including renewable energy, automotive, technology and the creative industries, and is now looking to move into its second phase. The £20.5m allocated to the fund for investment by the European Regional Development Fund has now been spent, helping to create more than 260 jobs, as well as saving more than 210 jobs which would otherwise have been lost.
Launched in 2010, the fund attracted an additional £49m of investment into the region through private sector co-investors.
James Griffiths, programme and fund manager, said: “The fund has been an amazing success and we are delighted to have been able to invest in so many diverse and innovative businesses in the East of England.”
Professor John French, chief executive of Adapt, which operates the fund, said leveraging private sector investment into low carbon projects was crucial, adding: “Cooperation between both the public and private sectors is key if we are to achieve the greenhouse gas emissions targets that will bind all participating governments”.
The fund has supported innovative companies with a carbon reduction impact, making investments of between £10,000 and £1m.
One of those was Norwich-based magazine publisher PAM Communications, which has switched one of its titles from print to online, and received advice on other carbon-cutting initiatives.
Mark Roland, one of the company’s founders said: “LCIF has supported our business both financially and with invaluable advice, and its backing gives us credence moving forward to further investment rounds.”
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