UK energy market regulator Ofgem officially launched the Strategic Innovation Fund (SIF) on August 31, presenting a new opportunity for innovators to apply for funding to help shape our future energy system.
The fund will look to invest £450m in energy innovation over the next five years (2021 - 2026), and aims to support innovative, ambitious projects which will help accelerate the transition to Net Zero.
Ofgem, with the support of Innovate UK, part of UK Research and Innovation (UKRI) as its delivery partner, has identified four Innovation Challenge areas following extensive stakeholder engagement and consultation with industry throughout 2021. The four challenge areas identified are:
“The SIF presents a great opportunity for innovative businesses and leading academics to work with the UK energy networks to deliver greater benefits to consumers, including reduced energy costs, a reduction in CO2, greater access to energy markets and the opportunity to develop new products, processes, and services”, says Matt Hastings, Deputy Director (UKRI).
The EIC will work closely with its innovation community to help develop funding proposals, facilitating relationships between innovators and the industry, to ensure innovators can work with experts to develop compelling submissions.
“This is a new opportunity, created by Ofgem for global innovators and the UK energy networks to solve the challenges we face as we move toward a zero carbon future. In order to achieve this goal, it is incumbent upon us all to work together. We are calling out to our innovator community and beyond to take action and work with us and our Industry Partners, to create a strong pipeline of compelling projects to address our net zero challenge”, comments Denise Massey, Managing Director, Energy Innovation Centre (EIC).
Find out more:
EIC Operations Director, Matthieu Michel, will be speaking at the UKRI’s launch event on 7th September to further discuss the EIC’s role in this. To register to attend the event, please click here.
To learn more about the four Innovation Challenges and to submit a proposal, click here.
The window to apply for funding under the first four Innovation Challenges will close on 17th November 2021.