UK multinational energy company Centrica has launched a new not-for-profit social impact grant scheme, Energy for Tomorrow (EfT).
The scheme will support and empower entrepreneurs from underrepresented groups to further research, develop and commercialise energy sustainability concepts and innovations with the aim to tackle climate change, lower energy bills, and deliver real impact to people and communities.
Sarah Wright, Fund Manager at EFT, commented: “British industry is missing out on a huge pool of talent whose ideas and innovations could deliver significant impact and benefit to society. The importance of diversity of thinking to deliver the innovation that we need cannot be underestimated. I passionately believe in the power of working with all people and organisations, especially social enterprises and social impact initiatives to make a difference.”
Centrica will use revenue gained from feed-in-tariffs of solar panels installed on over 250 schools to fund between six and ten organisations.
Each project will receive a grant of between £100,000 to £500,000 over a period of up to three years.
Priority will be given to smaller UK organisations with turnover of less than £1 million.
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Companies with all male founding teams raise 91% of all venture capital investment in the UK and in the last five years, just 1% of venture-backed founders were black, according to a statement.
Click here for more information about the grant scheme.