News

July 30, 2010

South West clean-tech start-ups get funding support

Low-carbon technology start-ups in the South West can boost their growth prospects thanks to a dedicated £2.5 million fund, launched by the South West Regional Development Agency (RDA).

Managed by the South West Angel and Investor Network (SWAIN), the South West Cleantech Co-Investment fund will provide growth capital funding of between £50,000 and £100,000 to clean-tech businesses based in the region over a five year term.

To be eligible, firms must be based in the South West and have a core business within the clean technology sector – such as energy generation or transportation.

“The fund will help businesses grow and invest for the future, creating hundreds of highly-skilled jobs,” said South West RDA’s executive director of enterprise and innovation, Stephen Peacock. “This has come at exactly the right time for the region’s thriving environmental sector.”

Initial applications can be made online, and SWAIN will evaluate businesses to ensure that they are attractive to investors and are ready for investment.

A key distinguishing feature of the fund is that it will only invest alongside private investors or small venture capital firms with knowledge of the sector and experience in making business investments. SWAIN said that this would help ensure commercial viability of projects and the long-term commitment of investors.

• For more information about the fund, visit the SWAIN website