The Clean Growth Fund, a venture capital fund investing into the most promising early-stage UK clean technology ventures, announces new investment from Aviva.
Established in 2020, with cornerstone funding from the Department of Business, Energy & Industrial Strategy (BEIS) and investment manager, CCLA, and subsequently Strathclyde Pension Fund, the Clean Growth Fund is accelerating the commercialisation of clean growth technologies, creating new employment opportunities across the UK and contributing to the UK’s efforts to deliver Net Zero by 2050.
Beverley Gower-Jones, Managing Partner of the Clean Growth Fund, which last month was listed in the Real Deals Future 40 Impact Investment Funds, said: “Coming so soon after COP26 in Glasgow, Aviva’s investment in the Clean Growth Fund is a strong and welcome strategic move. Aviva understands the importance of innovation in turning the dial towards a cleaner, greener economy.”
“There were many pledges made at COP26 by governments and the private sector. Now is the time to turn these pledges into action. Directing capital into clean tech investments is an absolute necessity if the world is going to have the commercialised and implementable solutions that it needs to address climate change and align with Net Zero.”
Ben Luckett, Chief Innovation Officer at Aviva plc said: “We are investing in new technology which will support the global transition to net zero and help Aviva meet its 2040 net zero ambition. We’ve seen strong growth in sustainability focused start-ups as consumers become more climate conscious. Our investments will help build upon our knowledge of this space and enable us to continue meeting our customers’ changing needs.
We are excited to work with the Clean Growth Fund, an organisation which will help accelerate the UK’s transition to net zero through responsible investment in early-stage green technologies.”
Lord Callanan, UK Minister for Business, Energy and Corporate Responsibility, said: “This investment demonstrates how private capital can put the UK at the forefront of green innovation, helping to develop and commercialise clean technology solutions that combat climate change. Private sector investment into green technologies will be vital to the UK’s green industrial revolution and builds on government’s backing of £20 million funding from the launch of the Clean Growth Fund.”
The Clean Growth Fund, which closes for investment by the end of March 2022, has already made a number of investments including: Indra – the UK smart charging technology company; Piclo – which enables network operators to procure flexibility services that help balance the grid; tepeo – a company that has developed a low-cost zero emission boiler; Carbon Re which uses AI to reduce emissions in the cement and other heavy industries; and Holiferm, which develops and supplies sustainable, non-fossil based ingredients for industrial and consumer products.