Strategic Innovation Fund to Re-Open for Applications (UK)
The UK energy market regulator, Ofgem, in collaboration with Innovate UK, a part of UK Research and Innovation (UKRI), has announced the opening of applications for the next round of the Strategic Innovation Fund (SIF) on the 23rd September 2024.
The SIF aims to fund innovative projects by facilitating collaborations between businesses, academics, and energy networks. These projects are designed to benefit consumers by accelerating the transition to net zero and minimising costs. The fund will invest £450 million in energy innovation by 2028.
Benefits for energy consumers include:
Reduced costs and improved value for money
Development of innovative products and services
Enhanced energy security
Benefits for businesses include:
Support for growth and scalability
Opportunities for collaboration
Stimulation of further investment
To receive funding, applicants must have an energy licence.
This includes:
electricity transmission and distribution companies
gas transmission and distribution companies
Distribution Network Operators
the Electricity System Operator
Organisations and individuals that partner with a licence holder can also apply for funding.
Innovation partners could include:
consultancies
universities
large and small businesses
think tanks
independent innovators
The application window will close on the 23rd October 2024.
