More than 1,500 jobs created by sustainable innovation fund in East Anglia
By: Communications
The University of East Anglia (UEA) is celebrating the remarkable success of its Low Carbon Innovation Fund (LCIF), which has played a pivotal role in driving sustainable innovation across East Anglia.
The fund, in collaboration with Norfolk County Council and specialist clean-tech fund managers Turquoise International, has facilitated the development of more than 140 new products, technologies, and services, created more than 1,500 high-quality jobs, and safeguarded around 5,000 others in the clean-tech sector.
Most significantly, the technologies supported are projected to reduce greenhouse gas emissions by an estimated 13 million tonnes of CO2—equivalent to the electricity use of 24 million UK homes.
Professor David Maguire, UEA’s Vice-Chancellor, highlighted the fund’s transformative impact at a reception at the House of Commons, stating: “The Low Carbon Innovation Fund has demonstrated the power of collaboration between academia, local government, industry, and investors.
“The clean-tech solutions it has supported are already delivering significant, measurable greenhouse gas reductions globally while also fostering innovation and economic growth right here in East Anglia.”
Case study: Connected Energy
One of the LCIF’s standout success stories is Connected Energy, a pioneering company that specialises in second-life battery energy storage solutions.
With its technical headquarters in Hethel, Norfolk, Connected Energy has harnessed LCIF investment to develop cutting-edge systems that repurpose used electric vehicle (EV) batteries for grid-scale energy storage.
This innovation not only extends the lifecycle of EV batteries but also enhances grid stability and promotes the integration of renewable energy sources.
Matthew Lumsden, CEO of Connected Energy, said: “The Low Carbon Innovation Fund has been more than an investor to Connected Energy – they have played a pivotal role in accelerating the company’s growth.
“First investing in the business in 2019, the LCIF team then went on to lead our subsequent 2022 round.
“The due diligence that they apply to all their investments coupled with their commitment to building lasting relationships, instils confidence amongst investors and companies alike.”
The launch of the fund
The LCIF, originally launched in 2008 in response to the financial crisis, was designed to stimulate investment in high-risk, innovative companies developing environmentally beneficial technologies.
The fund rapidly expanded from an initial £8 million investment to more than £20 million and successfully leveraged £76 million in private sector investment, culminating in a total portfolio of 82 companies receiving £157 million in funding across two phases.
The success of the LCIF underscores the importance of continued investment in clean technologies, particularly as the UK transitions to a net-zero economy.
The call for renewed support to drive innovation
However, with the UK no longer eligible to bid for European Union funding, UEA and its partners are calling for renewed government and private sector support to sustain this momentum and further drive innovation in the region.
Cllr Fabian Eagle, cabinet member for economic growth at Norfolk County Council, said: “This fund has been a real success story, supporting the development of exciting technologies, creating and safeguarding high-quality jobs and reducing our greenhouse gas emissions.
“The next challenge is to create a further fund which would unlock significant amounts of private investment, stimulate innovation and ensure Norfolk and the East of England can capitalise on their strengths in cleantech.”
Prof Maguire said: “This is only the beginning of what this fund can achieve.
“We urge policymakers and investors to recognize the LCIF’s proven track record and support the next phase of this vital initiative.”
Find out more about UEA's Innovation Funding
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