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University of East Anglia offers low carbon grants to Hertfordshire businesses
A renewable energy company is among small and medium businesses to benefit from investments in green energy.
The Low Carbon Innovation Fund (LCIF), part of the University of East Anglia’s Adapt Low Carbon Group, is offering thousands of pounds of investment to businesses across Hertfordshire.
GT Energy, based in Shenley Road in Borehamwood, which is trying to develop the UK’s first deep geothermal heat plant, has already benefited from £750,000 investment to begin planning the plant in Manchester.
GT Energy’s managing director Padraig Hanly explained each geothermal plant could access a renewable resource that will last for hundreds of years, offering a long term energy source to UK cities.
He said: “LCIF’s investment is an important milestone that brings us closer to harnessing geothermal energy in the UK.
“This is not only vital for reducing carbon emissions in the country, with modern geothermal plants producing no CO2 emissions and having minimal impact on the surrounding environment, but it is also great news for the UK economy."
Investments of between £25,000 and £75,000 are available to small and medium businesses that are interested in developing low carbon technologies or reducing carbon emissions.
This is on top of the larger investments of between £75,000 and £750,000 LCIF has been offering to bigger companies.
In order to qualify, businesses will have to receive an equal or higher amount of money from a private firm.
CEO of the Adapt Low Carbon Group John French said: “Our new small investments scheme is designed to suit start-ups and small companies from all sectors, especially those in the creative industries, who may have limited resources.
“We’re urging all SMEs in Hertfordshire to check their suitability for the funding. We have funds available right now, and if eligible, small businesses across the region could have money in their accounts early in the new year.”
To find out more about the fund visit the LCIF website at www.lowcarbonfund.co.uk