UK Research and Innovation (UKRI) has invited smart energy innovators to present new ideas to win a share of £30m.
They hope the fund will help to kick-start an industry which could be worth billions of pounds by the early 2020s whilst supporting tens of thousands of new high-value jobs.
Projects should demonstrate new approaches that integrate energy technologies across heat, power and transport in a way that is replicable and scalable across the UK.
The competition opened yesterday (April 29) and will close at midday on August 7. It forms part of a wider £102.5m Industrial Strategy Challenge Fund programme called, Prospering from the Energy Revolution (PFER)
A previous recipient of the Fund was the BankEnergi project in south London who received £136,107.
They look at ways to manage energy demand and storage in order to enable local trading in so-called ‘virtual power stations’.
These peer-to-peer energy networks allow members to effectively trade energy with each other, creating a local economy and giving users the option to move away from big energy suppliers.
Energy and Clean Growth Minister Claire Perry said: ‘We are at the start of a smart energy revolution, which will see technology like energy storage, smart appliances and electric vehicles become part of the fabric of everyday life.
‘A future built on digital, data-driven smart systems will transform the way society interacts with the grid – delivering cheaper, greener and more flexible access to energy for everyone.
‘This competition will help to give the UK’s makers and innovators the tools to make this vision a reality, and seize on the business opportunities ahead.’
Photo credit – UKRI