TBAT Innovation, one of the UK's leading business consultancies is encouraging organisations in the power and energy industries to apply for a new stream of grant funding which has been allocated to help support both R&D projects and feasibility studies, in the fields of extraction and the use of conventional fossil fuels.
The funding comes from Innovate UK, the government's innovation agency who are investing £5 million in projects designed to improve efficiency, reduce cost and minimise the environmental impact of coal, natural gas and oil. The competition opens on 2 March 2015. The deadline for feasibility studies is 10 June 2015, and the deadline R&D projects is 15 April 2015.
Fossil fuels currently provide seventy percent of the UK's electricity, however in order to meet the country's emission reduction targets more must be done to help make conventional fuels cleaner, greener and more efficient. A more sustainable approach to the use of fossil fuels is an essential part of the UK's strategy in creating a low carbon generation for the future.
Innovate UK is offering grant funding specifically to SMEs, encouraging them to take advantage of the opportunities arising from changes in the oil and gas sectors, and from the carbon-abated use of fossil fuels.
Sam Stephens, TBAT Director, commented:
"We are delighted to see this new wave of support for conventional fuels. The funding body is seeking projects that address, oil and gas efficiency, advanced fossil fuel process technologies, fuel switching with low carbon substitutes, and carbon capture and storage in power generation.
This is a great opportunity for businesses operating within the coal, oil and gas industries to have their R&D ideas both realised and fast tracked through additional financial support.
At TBAT in the last 12 months alone our consultants have helped business secure over £20 million in grant funding for their R&D projects, and the power industry offers enormous potential for new innovations to make a real difference especially in areas such as CCS, so we encourage businesses to get in touch."
The competition is expected to attract collaborative R&D projects to range in size from £250 000 to £1.5m, although projects outside of this range will also be considered.
Adapted from press release by Joe Green