Low Carbon Innovation Fund launched by the University of East Anglia

The launch of a multi-million pound fund on Monday 27^th September adds to the East of England’s position as a leader in the low carbon innovation. The £20M fund, which has received £8M from the European Regional Development Fund, will support new and growing companies in their low carbon ventures. 

The Low Carbon Innovation Fund (LCIF), based at the University of East Anglia will use £8M of public money for investments, alongside £12M raised from private co-investors. Small or medium sized businesses across the eastern region producing green products or services may be eligible.

For example, companies producing energy efficient household boilers, developing new carbon saving technologies or looking to reduce its carbon emissions by investing in new infrastructure.

Chris Harrison, Chief Executive of the Low Carbon Innovation Centre, said: “There are other funds around the country but this one is unique because of the focus on low carbon development. It is not a grant scheme but an equity investment fund which means it follows the Dragon’s Den-style model in that the company sells us part of the business.”

The Low Carbon Innovation Centre at UEA will operate the fund in partnership with the selected Fund Manager, Turquoise International (http://www.turquoiseassociates.com)  who have a strong track record in fundraising, investments and asset management focusing on energy and  the environment, including renewables and cleantech.

Turquoise will identify suitable low carbon investment projects in the East of England region and managing the LCIF investment. They will also be responsible for raising at least £12M private co-investment to match the £8M of public funds from the European Regional Development Fund.

The UEA was appointed by East of England Development Agency (EEDA) last year to manage the fund which is open to small and medium enterprises active within region (either wholly or partially) or those moving to the region.

Each investment made will use £50,000 to £500,000. from the public money and the co-investment from the private finance will be either the same or higher.

Francis Wright of Turquoise said ‘We are delighted to be given the opportunity to work with the Low Carbon Innovation Centre at UEA on this exciting project’ 

Anyone seeking investment for a venture or interested in co-investing with the LCIF is asked to visit www.lowcarbonfund.co.uk becomes available. For further information on Turquoise International please visit http://www.turquoiseassociates.com