Ofgem new £450 million to fund Greener Innovation

Ofgem is a leading company in all things Gas and Electricity Markets. Their role is ‘to protect consumers by working to deliver a greener, fairer energy system’. As a result, there has now been announced funding of £450 million to help decipher changes in the energy network. But just what does this Ofgem new £450 million fund mean?

Details around Ofgem new £450 million fund

This new funding allows leading businesses, networking companies, researchers and system operators to apply where they have projects that focus on four main strategic challenges in the future of energy transition. Which are the following:

• Data and digitalisation
• Heat
• Transport
• Whole system integration

As a result projects around this can be a wide range which could include a holistic solution that works to focus on transmission and distribution of gas and electricity. Or even energy solutions that are flexible around storage technologies. In addition, it can also include networks that are ready to roll out clean heating solutions.

How will the new funding be divided?

Lastly, applications for this fund opportunity opened up on 31 August. And the fund is being managed in partnership with Innovate UK. Above all, This Ofgem new £450 million fund will begin with become available for 5 years with the chance that this could be extended for a longer period of time. As well as that, it is said fund will be increased if there is a bigger need for it.

“The Strategic Innovation Fund means cutting-edge ideas and new technologies become a reality, helping us find greener ways to travel and to heat and power Britain at low cost,” said Jonathan Brearley, chief executive of Ofgem.

Find out more about Ofgem.

For more local news check out the Horley & District Chamber of Commerce News.