Saturday, July 13, 2024

Government invests £80M in UK Businesses in drive to Net-Zero Ambitions

The Government has injected £80 million into UK Businesses to revolutionise their industry with cleaner energy sources – such as hydrogen and biomass.

The funding is part of a £1 billion drive to support state-of-the-art clean climate technologies, and is available to a range of businesses, from cereal-making to whisky distillery.

Breakfast giant, Kellogg’s, is among 29 of the successful projects to receive the funding to help improve production processes, and will use £3 million of the Government’s investment to use hydrogen to fuel their cereal-making in Manchester.

One of Scotland’s oldest whisky makers, Annadale Distillery, is also receiving a £3.6 million Government investment to put towards new thermal heating technology in a step towards a new low-carbon future.

Laimonas Noreika, CEO, HeavyFinance said: “Affording businesses with such funding is a key step in achieving a net-zero, equitable and resilient future. Seeing established household names become key players in this movement will influence other brands to enhance their practices and follow suit.

Encouraging collaboration for the R&D of these projects will also help boost innovation and promote growth for the UK, as well as helping drive it as a leading global Climate Tech hub.”

The funding supports the Government’s commitment to reduce overall UK energy demand by 15 per cent by 2030, alongside the greater ambition for the UK to move towards greater energy independence.

This also includes new reports being published to support the transition to alternative energy sources, including guidance on designs for hydrogen technology systems, as part of the Industrial Hydrogen Accelerator programme.

Minister for Energy Security and Net-Zero, Graham Stuart, said: “Our investment of over £80 million will help the great manufacturers of our country to go further and faster, using the latest science, technologies, and new energy sources to cut ties with fossil fuels and future-proof their industries.”