Capenhurst, U.K. — (METERING.COM) — February 7, 2012 – Britain’s Energy Innovation Center has available funding of £29.2 million for individuals and companies to bring new technologies for tomorrow’s energy industry to market.
The initiatives will be selected by five of the U.K. electricity distribution companies, Electricity North West, Northern Power Grid, ScottishPower Energy Networks, Scottish and Southern Energy, and UK Power Networks. These companies are looking to implement new services and technologies to enhance the way power is transported, monitored and stored.
The funding originates from Ofgem’s Innovation Funding Incentive scheme and the £500 million Low Carbon Networks Fund.
“This is another huge step forward for innovators and businesses that need to accelerate their ideas to market,” commented Denise Massey, director of the Energy Innovation Center. “As part of this initiative we will continue to deliver a range of support services, including opportunities to test technologies on high and low voltage power networks and establish relationships with potential customers.”
Opportunities that will be considered for funding include both new and early stage ideas, as well as existing technologies from other industries that will improve the energy supply process. Products are sought that will help manage demand, and encourage more efficient use of energy in the home and workplace.
The U.K.’s power networks have a replacement value of £150 billion and annually around £1.5 billion is invested on maintaining and growing the 500,000 miles of cable which constitute the network.