£20 million of BEIS funding to support a new clean technology investment fund


£20 million of BEIS funding to support a new clean technology investment fund

The Clean Growth Strategy and 2019 Green Finance Strategy announced the government’s ambition to provide up to £20 million to support a new clean technology early stage investment fund.

The Clean Growth Fund is a commercially run venture capital fund, which aims to speed up the deployment of innovative clean technologies that reduce greenhouse gas emissions, by making direct investments in companies seeking to commercialise promising technologies. The Fund’s focus is on commercial returns and UK based innovations that demonstrate clear reductions in greenhouse gases. The Fund’s current portfolio of investments is available from the Clean Growth Fund website.

In March 2022, the Clean Growth Fund announced the final fund size of £101 million, with 7 private sector investors backing the Fund, alongside BEIS.

The BEIS investment into the Fund forms part of the BEIS £1 billion Net Zero Innovation Portfolio, which aims to accelerate the commercialisation of low carbon technologies, systems and business models in power, buildings, and industry.

BEIS launched a request for proposals to raise and manage the Clean Growth Fund in August 2019. Clean Growth Investment Management LLP (CGIM) was announced as the successful fund manager in May 2020.

Further information on the fund’s eligibility criteria and investment approach is available from CGIM’s Clean Growth Fund website.