UK-based Energy Innovation Centre (EIC) announced that it will provide funding over £36m to innovators who come up with unique ideas for the electricity and gas market, in 2013.
The novel ideas from the innovators will be selected by the UK’s leading gas and electricity networks who can access the different funding sources through EIC.
The energy networks look out for new technologies to augment the way power is transported, monitored and stored.
EIC will match innovators with energy networks for innovative projects and assist with potential submissions for funding through mechanisms such as Ofgem’s Innovation Funding Incentive scheme, the Low Carbon Networks Fund and the Network Innovation Stimulus Programme.
In February 2012, EIC announced a funding of £29.2m for projects including new services and technologies.
Earlier, EIC has helped Gnosys Global, a spin out company from Surrey University, to secure funding for a project to enhance the damage resistance of underground and subsea cables for SP Energy Networks and SSE.
EIC also helped Bellrock Technology to receive funding from SSE, to implement an innovative technology that will help engineers to manage their assets efficiently.
Energy Innovation Centre managing director Denise Massey said the number of investments have increased in 2012, while the centre has accelerated a number of innovative ideas into the market.
"We’ve just moved into bigger and better premises and have seen the gas industry join us as stakeholders," Massey added.
"We are now the single point of contact for innovative SMEs to engage with major companies in the energy industry as we work towards more sustainable technologies and a low carbon future."