London, 17th June 2021 – The Clean Growth Fund, a venture capital fund investing into promising early-stage UK clean technology ventures, announce the formal approval of a new capital commitment of UK£20 million from Strathclyde Pension Fund. This latest investment will bring the total amount raised by the Clean Growth Fund close to two-thirds of its UK£100 million target.
Established in 2020, with cornerstone funding from the Department of Business, Energy & Industrial Strategy (BEIS) and investment manager, CCLA, the Clean Growth Fund aims to accelerate the commercialisation of clean growth technologies, create new employment opportunities across the UK and contribute to the UK’s efforts to deliver net zero by 2050.
Ian Jamison, Investment Manager at the Strathclyde Pension Fund said: “Our investment in the Clean Growth Fund not only enables us to deliver on the pension fund’s return objectives but is also aligned with our objective of implementing an investment strategy that is consistent with achieving the goal of global net-zero emissions by 2050.”
UK Minister for Business, Energy and Corporate Responsibility, Lord Callanan said: “We are committed to tackling climate change and, as we transition to a clean economy and build back greener, the need for investment in the green technologies of the future will rise substantially – which is why we backed the Clean Growth Fund with £20 million government investment.
“Strathclyde Pension Fund’s £20 million cash injection into the Fund will support the UK’s best innovators to develop and commercialise the clean technology solutions needed to meet our climate change goals.”
James Bevan, Chief Investment Officer for CCLA said: “There is a clear and certain need to invest to secure the arrest and reversal of carbon emission and climate change, and to support strong long term sustainable growth. We are delighted that Strathclyde Pension Fund recognises that the Clean Growth Fund can contribute to these objectives.”
Beverley Gower-Jones, Managing Partner of the Clean Growth Fund said: “Strathclyde Pension Fund’s investment is further institutional validation of our deep sector knowledge to evaluate our strong pipeline of early-stage companies, our ability to ultimately accelerate the development of carbon emission reductions in the areas of power and energy, buildings, transport and waste and to deliver returns to our investors in line with the Fund’s objectives.
“In order to reach Net Zero, there is an imperative to have fully commercialised and operating clean technology solutions available to UK businesses and consumers, and for export overseas.
“There is currently a significant gap between the offerings of fledgling companies and the full-scale solutions required. This development gap can only be closed with careful and selective funding of those offering the most promising technologies,” continued Beverley Gower-Jones.
The Clean Growth Fund has made two investments to date. The first, into Piclo, (alongside Mott MacDonald) a pioneering smart energy company that allows network operators to procure flexibility services that help balance the UK’s electricity grids. The second, into Indra (alongside Gulf Oil International) which provides electric charging and energy storage solutions for home and commercial use.
For further information:
Clean Growth Fund (www.cleangrowthfund.com)
Beverley Gower-Jones, Managing Partner: firstname.lastname@example.org
Jonathan Tudor, Investment Partner: email@example.com
Paul Taylor, Taylor Keogh Communications: 020 8392 8250 / firstname.lastname@example.org
Notes to Editors
The Strathclyde Pension Fund (www.spfo.org.uk) is one of the two biggest local government pension schemes in the UK, with over 260,000 members and £26bn of investments, and ranks in the top 20 of UK pension funds and in the top 50 of European pension funds.