The Department for Business, Energy & Industrial Strategy (BEIS), in collaboration with Innovate UK and Knowledge Transfer Network (KTN), will be hosting competition briefing webinars on 14 and 20 July to share details of the new funding programme, Industrial Energy Transformation Fund (IETF).
Funding
The UK government announced £315m of funding in the 2018 autumn budget. The funding is available over the period to 2024. It will support businesses with high energy use to transition to a low carbon future and to cut their bills and emissions through increased energy efficiency. BEIS will manage the Industrial Energy Transformation Fund, with £289m to invest in England, Wales and Northern Ireland. The Scottish Government will administer £26m for investment in Scotland and will publish its plans for the funding in due course.
Net zero aim
The IETF is a crucial part of the Government’s strategy for tackling climate change and reaching Net Zero by 2050. It will complement other government programmes that offer innovation and early demonstration support, such as the Industrial Strategy Challenge Fund (ISCF) and the Energy Innovation Programme (EIP) and will help to transform an important part of the UK economy.
What it will fund
The Phase 1 funding for England, Wales and Northern Ireland opens on the 20 July and is worth up to £30m. It will be available in the form of a grant scheme and will fund:
- Deployment of mature energy efficiency technologies that improve industrial process energy efficiency and reduce energy demand.
- Feasibility and engineering studies for projects deploying mature energy efficiency technologies or deep decarbonisation technologies. These technical and economic assessments of potential projects reduce risks and provide more accurate cost estimates, enabling decision-makers to make informed investment choices.
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