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Boost for the low carbon economy
August 2010
The RDA has recently announced a series of measures that will
boost the green economy, with: the formation of a new fund for low
carbon businesses throughout the region; a £30 million investment
into Exeter University’s new Environment and Sustainability
Institute at the Combined Universities in Cornwall; and significant
progress on Wave Hub. Consider these individually.
First off the new £2.5 million investment is called the
Cleantech Co-investment Fund and has been set up and funded by the
RDA. The fund has been established by South West Investment Group
(Capital) Limited with operational support from South West Angel
and Investor Network (SWAIN) and Regen SW. It is open for business
and people can find out more information and apply through the
following web site link: http://www.swain.org.uk/CleanTech.aspx
The fund will, subject to conditions, provide funding of between
£50,000 and £100,000, alongside new equity investments, in
Cleantech businesses who are based in the region. It will help
support entrepreneurs and early stage businesses looking to develop
low carbon technologies and innovations with access to crucial
growth capital.
Stephen Peacock, the South West RDA’s executive director
enterprise and innovation, said: “This is a fantastic opportunity
for the region’s low carbon industry to access a new source of
funding. The fund will help businesses grow and invest for the
future, creating hundreds of highly skilled jobs. This has come at
exactly the right time for the region’s thriving environmental
sector.”
Secondly there’s a £30 million investment into Combined
Universities in Cornwall which will put Cornwall and the Isles of
Scilly at the forefront of environmental and climate change
technologies. It was announced by the RDA and the University of
Exeter.
The investment – which includes almost £23 million from the ERDF
(European Regional Development Fund) Convergence programme - will
enable the University of Exeter to build a world-leading
Environment and Sustainability Institute (ESI) at CUC’s Tremough
Campus, Penryn – bringing at least 800 jobs in its wake.
Professor Steve Smith, vice-chancellor of the University of
Exeter, said: “This is great news for Cornwall, especially at a
time of national cutbacks in public spending. The ESI will build on
the University’s research strengths in climate change and
environmental science and add critical mass to the Tremough Campus,
which we share with University College Falmouth. The Campus has
provided a massive economic boost to Cornwall which will continue
to develop now we have funding confirmed for the ESI. It is a
pioneering development in linking academia so closely with business
and our staff have been actively helping Cornish businesses to
succeed.”
Suzanne Bond, the South West RDA’s executive director of people
and skills, said: “This is a major investment in Cornwall’s economy
which delivers a step-change in the county’s environmental science
and engineering capacity. It builds on Cornwall’s expertise and
heritage and, combined with a strong business focus, will deliver
at least 800 high-value jobs in energy and clean technologies and
related industries. It will also leave a lasting legacy by driving
long-term growth in the peninsula.”
Last, but by no means least, comes Wave
Hub. As Wave Hub travels to Cornwall in preparation for
installation this week, BIS Minister Mark Prisk has announced a
£1.5 million investment from the RDA in the development of wave
energy technology. The investment and installation of Wave Hub mark
the UK’s ambition to grow a world-class marine energy industry.
Mr Prisk, who toured Cornwall for two days last week, said the
additional £1.5 million grant from the RDA would allow wave energy
company Ocean Power Technologies Ltd (OPT) to develop a larger
version of its ‘Powerbuoy’ wave energy device.
It follows an announcement by the Government-backed Technology
Strategy Board last week of a £7 million investment in nine
projects aimed at developing wave and tidal technologies of the
future.
The cable laying ship, Nordica, left Hartlepool docks last week,
while the Minister was visiting the site at Hayle. Guy Lavender,
Wave Hub general manager explains what Wave Hub’s arrival means:
“Nordica’s arrival marks the start of the Wave Hub deployment
operation and they will begin work straight away. The entire cable
route will be surveyed before the cable is pulled ashore at Hayle
early next week and buried in the sand for two kilometres out to
sea in an operation that will take around two days.
“At the same time the Nordica will head out to sea laying the
cable as it goes. It should reach the Wave Hub site after about
four or five days and will lower the hub on to the seabed in about
50 metres of water using its on-board crane.”
During his visit the Minister was briefed by the RDA on the
progress of Wave Hub, and plans to invest £15 million – including
£5 million from central Government – in major infrastructure
improvements around Hayle Harbour, to support the development of a
new marine energy business park, creating up to 200 jobs.
Stephen Peacock, executive director for enterprise and
innovation at the South West RDA, who escorted the Minister on his
visit to Wave Hub, said: “This was a great opportunity to brief the
Minister on progress with Wave Hub, and for him to meet some of the
many businesses and academics involved in developing a marine
renewables industry here in the South West.”
In the autumn Wave Hub will undergo a series of tests in
preparation for welcoming its first wave energy devices next
year.
Wave Hub is being funded with £12.5 million from the RDA, £20
million from the European Regional Development Fund Convergence
Programme and £9.5 million from the UK government.