£330k available for UK’s innovative low carbon SMEs

Posted on 1 Nov 2013 by The Manufacturer

Small to medium enterprises in search of financial backing for low-carbon ideas are being invited to submit applications to Shell Springboard, set up to promote the development of innovative, low-carbon business ideas.

Now in its ninth year, Shell Springboard awards businesses a slice of £330,000 of “no strings attached” funding.

With small businesses accounting for 90 per cent of the UK’s £120 billion low-carbon sector, the scheme provides a boost for ambitious UK enterprises pursuing a slice of the global low-carbon sector forecast to be worth £4 trillion by 2015.

Last year’s winner, Vantage Power, was awarded £40,000 for its innovative hybrid powertrain technology which can be retrofitted to double-decker buses across the UK.

Its hybrid system offers a cost efficient way to reduce fuel consumption by £20,000 a year and helps buses operating in stop-start traffic in towns cut emissions by 40 per cent.

Alex Schey, co-founder of Vantage Power said: “Since winning the 2013 Shell Springboard Awards, we’ve had a great year.

“The prize money and national recognition meant we were able to secure additional funding for 2013, needed to enable us to concentrate on building our functioning prototype.”

Edward Daniels, Shell UK chairman and executive vice president of Downstream Technology added: “Since 2008, we have invested $2.2billion in developing alternative energies, carbon capture and storage and other CO2 related research & development.

“However, we also recognise that fledging business can help fast track solutions. Shell Springboard is a celebration of the huge creative potential that dynamic UK SMEs represent.”

Since 2005, Shell has awarded £2.58million to 71 companies exploring new ways to cut carbon emissions.