UEA-backed fund opens multimillion-pound investment opportunity for low-carbon businesses
By: Communications
The Low Carbon Innovation Fund (LCIF) has already helped businesses across the East of England create more than 1,500 jobs, protect over 5,000 more and attract millions of pounds in private investment.
The fund supports companies developing new technologies to tackle some of the UK's biggest environmental and economic challenges.
Since launching, LCIF has invested more than £33.5 million in 88 businesses, helping them secure a further £126 million from private investors to bring new products and services to market. The fund's work has estimated carbon savings of 775,000 tonnes of CO₂ every year.
One company supported by LCIF is Kubos Semiconductors, which develops next-generation LED technology that could improve energy efficiency in lighting, displays and optical communications.
More recently, the company has been developing technology aimed at reducing energy consumption in increasingly power-hungry data centres.
Dr Susan Gormley, CEO of Kubos Semiconductors, said: "LCIF's support has been invaluable in helping us bring this transformative technology closer to commercial deployment.
“We are committed to creating a solution for the next generation of high-performance LEDs that delivers improved efficiency and sustainability and provides a measurable reduction in environmental impact."
The launch of LCIF's third investment round comes as the UK looks to boost economic growth through innovation, strengthen energy security and speed up progress towards net zero.
The fund is run in partnership clean-tech investment specialist Turquoise International.
Prof David Maguire, UEA's Vice-Chancellor, said: "The Low Carbon Innovation Fund has helped businesses turn promising ideas into technologies that can make a real difference.
"Through LCIF, innovative companies have been able to develop new products, create jobs and attract investment while working on solutions to climate and energy challenges.
"The launch of LCIF3 means we can help even more businesses bring those ideas to market."
Leaders from government, business, research, finance and the innovation sector will gather at Parliament on Tuesday, November 10, to mark the launch of the LCIF3 funding round and to discuss how universities, investors and businesses can support the UK's industrial and clean-growth ambitions.
The event will focus on how collaboration between researchers, businesses and investors can help to grow the low-carbon economy while tackling climate and energy challenges.
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