A brand new scheme has been launched by Innovate UK to fund collaborative R&D and feasibility studies. Up to £5m will be invested in projects that stimulate innovation in the extraction and use of conventional fossil fuels.
This funding stream aims to develop solutions that improve efficiency, reduce cost and minimise the environmental impact of coal, natural gas and oil in order to create lower carbon economies. If your project is business-led and involves a SME, this could be the funding for you to finance both feasibility studies and collaborative R&D.
Projects in one or more of the following areas can be funded:
· Oil and gas field efficiency, management and decommissioning
· Advanced fossil fuel process technologies and product innovation in power generation in energy-intensive industries
· Fuel switching with lower-carbon substitutes
· Carbon capture and storage in power generation and energy-intensive industries
Areas not funded:
· Shale gas
· Tar sands
Feasibility projects can be around 12 months in length with a budget of £100k-£150k. This is a single-stage process; the deadline is 10 June 2015.
Collaborative projects can be around 24-36 months in length with a budget of £150k-£1m. This is a two-stage process; the deadline for the Expression of Interest is 15 April 2015 and the second stage deadline for invited applicants is 10 June 2015.
For more information, visit interact.innovateuk.org or talk to a PNO consultant on 0161 488 34880161 488 3488.