A guide to funding by Energy Innovation Centre

A guide to

Funding Connecting innovation to resource

2016 Annual Review

Unleashing the Energy Opportunity Unleashing the Energy Opportunity 2016 Annual Review

Funding One of the findings of the #CollectiveFuture Insights: Helping SMEs to access the energy industry report commissioned by the 2016 Annual Innovation Review Energy Centre (EIC) and Energy Systems Catapult 2016 Annual Review (ESC) was that access to finance is a challenge for innovators everywhere.

Unleashing Unleash the Energy the Ener Opportunity Opportu Innovators simply don’t know enough about what funding is available to them. Some of today’s most successful global businesses struggled to secure finance in the early days and as a rule, the more game-changing and disruptive the idea, the greater the struggle. The ESC’s mission is to provide a clear innovation pathway that helps businesses overcome the technical, regulatory, economic and social barriers blocking routes to market.

While to date, the EIC have helped innovators in the energy sector unlock over £17.8 million of investment. We have created this guide to help innovators address one of those barriers by outlining routes to funding.

Funding your business In the following pages you will find a number of organisations and public bodies who we believe can help you secure funding to further your business or innovation. As youâ&#x20AC;&#x2122;re probably aware, the funding landscape changes all of the time, so weâ&#x20AC;&#x2122;ve provided the best overview we can at an introductory level. For this reason, we would recommend that, in addition to using this booklet, you also check the websites listed for updates and specific details. For each funding body or organisation, you will find the same information laid out in the same order so that you can easily compare options to see which are the best fit for your business.

1) Funders name 2) Website & contact details 3) Overview 4) Funds (applicable for some) 5) Funding pot 6) Type of funding 7) Sector 8) Eligibility criteria 9) Things to know

Funding Providers

ENERGY INNOVATION CENTRE

Ofgem www.ofgem.gov.uk Telephone: 020 7901 7000

Overview Ofgem is the Office of Gas and Electricity Markets for the UK. It is a government department focused on protecting the interests of electricity and gas customers. One of the ways Ofgem do this is by promoting value for money, and encouraging innovation through the regulated networks. Youâ&#x20AC;&#x2122;ll hear RIIO mentioned a lot when it comes to Ofgem and funding, but what does RIIO actually mean? RIIO is Ofgemâ&#x20AC;&#x2122;s framework for setting price controls for network companies, and stands for Revenue= Incentives+Innovation+Outputs. It was launched in 2013, and is designed to encourage network companies to put stakeholders at the heart of their decision-making process, invest efficiently to ensure continued safe and reliable services, and innovate to reduce network costs for current and future consumers.

Funds Network Innovation Allowance (NIA) As part of the RIIO price controls, Ofgem introduced the Network Innovation Allowance (NIA). The NIA is a set amount of money each RIIO network company receives as part of their price control allowance. The NIA provides limited funding to RIIO network licensees to fund smaller technical, commercial, or operational projects directly related to the companyâ&#x20AC;&#x2122;s network that have the potential to deliver financial benefits to the network . The projects must have the potential to deliver financial benefits to the network company and its customers.

6 MORE INFORMATION CAN BE FOUND HERE: Electricity: www.ofgem.gov.uk/network-regulationriio-model/network-innovation/electricity-networkinnovation-allowance Gas: www.ofgem.gov.uk/network-regulation-riiomodel/network-innovation/gas-network-innovationallowance Network Innovation Competition (NIC) As part of the RIIO price controls, Ofgem introduced the Network Innovation Competition (NIC). There are individual competitions for both gas and electricity networks. The NIC is an annual opportunity for network companies to compete for funding for the development and demonstration of new technologies as well as operating and commercial arrangements. Funding is provided for the best innovation projects which help all network operators understand what they need to do to provide environmental benefits, cost reductions and security of supply as Great Britain moves to a low carbon economy. Up to £20 million per annum is available through the gas NIC, and up to £70 million per annum is available through the electricity NIC. MORE INFORMATION CAN BE FOUND HERE: Electricity: www.ofgem.gov.uk/network-regulation- riiomodel/network-innovation/electricity-networkinnovation-competition Gas: www.ofgem.gov.uk/network-regulation-riiomodel/network-innovation/gas-networkinnovation-competition

Funding pot Up to £90 million is available per annum for the gas and electricity NICs. The amount available for the NIA pot varies between networks. Ofgem provides network companies a funding opportunity of 0.7% of their overall revenue to be spent on their innovation projects.

Types of funding

GRANTS

Sector © Energy Systems Catapult 2017 Illustration by Michelle Thompson Design by Apropos Image: Sumarise connceted

...continues from front page Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

ELECTRICITY

GAS

Eligibility criteria “If you’re really excited about wh

we’re trying to do,must send us your C To be eligible for Ofgem funding, all projects have a direct impact on theItnetwork and your includeown one of the is about personal dev following:

Come along and you will grow as individual, as well as professiona

- A specific new piece of equipment

- A specific novel arrangement or application of Gail Hatfield, Head of HR, ESC existing equipment

nergy Systems Catapult 2017 Follow us: stration by Michelle Thompson es.catapult.org.uk sign by Apropos mage: Sumarise connceted system - grid version? @EnergySysCat continues from front page nted by Park Communications ustration brief 1)sources. paper from sustainable Contact us: info@es.catapult.org.uk

- A specific novel operational practice related to the operation of the company’s network - A specific novel commercial arrangement

If you’re really excited about what Things we’re trying to do, send us yourto CV.know t is about your own personal development. As an innovator, you cannot apply to Ofgem directly for of funding. Come along and you this willtype grow as anYou must work with a gas or network in order to be eligible. You could link ndividual, as well as electricity professionally.” up with an organisation like the Energy Innovation Centre

ail Hatfield, Head of HR, ESC

to support you to develop your proposition and approach an industry partner. If a network believes you have an innovation of interest, they will work with you to access the funding required.

BEIS

Department for Business, Energy & Industrial Strategy www.gov.uk/government/organisations/department-forbusiness-energy-and-industrial-strategy Telephone: 020 7215 5000

Overview The Department for Business, Energy & Industrial Strategy (BEIS) brings together responsibilities for business, industrial strategy, science, innovation, energy, and climate change. BEIS is supported by 46 other agencies and public bodies including Innovate UK, Intellectual Property Office, UK Research and Innovation and British Business Bank. They are responsible for a number of things including: - Developing and delivering a comprehensive industrial strategy and leading the governmentâ&#x20AC;&#x2122;s relationship with business - Ensuring that the country has secure energy supplies that are reliable, affordable and clean - Ensuring the UK remains at the leading edge of science, research and innovation - Tackling climate change

Funds The Energy Entrepreneurs Fund The Energy Entrepreneurs Fund is a competitive funding scheme to support the development of technologies, products and processes in energy efficiency, power generation and storage.

9 The Energy Entrepreneurs Fund seeks the best ideas, irrespective of source, across these energy technology areas from the public and private sector. The scheme particularly aims to assist small and medium-sized enterprises, including start-ups, and those companies that are selected will receive additional funding for incubation support. A total of £9 million is available for projects through the Energy Entrepreneurs Fund.

Funding pot Although the exact figure available to businesses through schemes is unclear, BEIS have committed to spend £4.7 billion on science, research and innovation over the next four years. They have made £250 million available through start-up loans since 2012 and have announced a further £400 million through the British Business Bank.

Types of funding

GRANTS

LOANS

Sector ... ELECTRICITY

GAS

RENEWABLES

OTHER

Eligibility criteria The eligibility criteria can vary depending on the agency or public body you approach. In general, you must be a UK-based business to apply for funding. Some schemes will require you to work with a partner to obtain the full level of funding.

Things to know

BEIS provide funding through the organisations that © Energy Systems Catapult 2017 Illustration by Michelle Thompson they oversee. Innovate UK is an example of this. Design by Apropos Image: Sumarise connce You can find a list of all departments and agencies ...continues that from front p Printed by Park Communications (illustration brief 1)sources. on paper from sustainable they are responsible for on their website.

...continues from front page

Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

“If you’re re we’re tryin It is about Come alon individual,

Gail Hatfield, Head of HR

“If you’re really excited about what we’re trying to do, send us your CV. It is about your own personal development. Come along and you will grow as an individual, as well as professionally.” Gail Hatfield, Head of HR, ESC

Innovate UK www.gov.uk/government/organisations/innovate-uk Telephone: 0300 321 4357

Overview Innovate UK is the UK’s innovation agency, sponsored by the Department for Business, Energy & Industrial Strategy. They work with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy. Innovate UK’s funding focuses on four sector groups, plus an ‘open’ approach: Emerging and enabling technologies: identifying and investing in technologies and capabilities that will lead to the new products, processes and services of tomorrow. Health and life sciences: focusing on agriculture and food and healthcare and underpinned by technologies developed in bioscience and medical research. Infrastructure systems: covering major global market opportunities, optimising transport and energy systems and integrating them with other systems such as health and digital. Manufacturing and materials: focusing on advancing manufacturing so R&D and technology developments can be delivered across a range of sectors to increase productivity and grow in the UK. Open: funding competitions and programmes for all innovative businesses, regardless of the technology or sector in which they are working.

Funds Innovate UK run regular calls for funding, and these are always changing. At the time of writing this document, some of the live calls include Infrastructure Systems Round 3 (£15m), Emerging & Enabling Technologies Round 3 (£15m), and Commercialisation of Quantum Technologies Round 4 (£9m).

Knowledge Transfer Network One department worth knowing about is the Innovate UK Knowledge Transfer Network. They are not a funding body but they are a key communicator about funding pots from government and are well worth a look.

Funding pot The overall funding pot for Innovate UK is divided up into the various schemes, some of which are found above under Funds, and all have sizeable funding pots which innovators can apply for a share of.

Types of funding

GRANTS

Sector ... ELECTRICITY

GAS

RENEWABLES

OTHER

Eligibility criteria The eligibility criteria can be very different for each funding stream that Innovate UK offer, but you must be a UK-based SME to apply for funding. Some schemes will require you to work in collaboration with a partner to obtain the full level of funding.

Things to know You can apply for funding directly through Innovate UK. They host regular workshops across the country where they assist and inform innovators on how best to apply 2016 Annual Review for funding.

Unleashing Unleash the Energy the Ener Opportunity Opportu 2016 Annual Review

Private Equity & Venture Capital www.bvca.co.uk Telephone: 020 7492 0400

Overview The British Private Equity & Venture Capital Association (BVCA) is the best place to start when looking for investment in your business. The BVCA is the industry body and public policy advocate for the private equity and venture capital industry in the UK. The BVCA membership comprises more than 650 influential firms, including over 250 private equity and venture capital houses, as well as institutional investors, professional advisers, service providers and international associations. They work together to provide capital and expertise to growing businesses and innovators.

Private equity explained Private equity is medium to long-term finance provided in return for an equity stake in potentially high-growth unquoted companies. Private equity investments typically support management buy-outs and buy-ins in mature companies, as opposed to venture capital which provides funding for early-stage and younger companies.

Venture capital explained Venture capital is a form of investment for earlystage, innovative businesses with strong growth potential. Venture capital provides finance and operational expertise for entrepreneurs and start-up companies.

Funding pot This is entirely dependent on the company that offers you funding. Some organisations have a few million available, and some have several billion.

Types of funding

EQUITY

...continues from front page Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

Sector

ELECTRICITY

Energy Systems Catapult 2017 Follow us: stration by Michelle Thompson es.catapult.org.uk sign by Apropos mage: Sumarise connceted system - grid version? @EnergySysCat continues from front page nted by Park Communications lustration brief 1)sources. paper from sustainable Contact us: info@es.catapult.org.uk

GAS

“If you’re really excited about wh ... we’re trying to do, send us your C It is about your own personal dev RENEWABLES Come along OTHER and you will grow a individual, as well as professiona

Eligibility criteria

Gail Hatfield, Head of HR, ESC

Each individual organisation will have their own criteria that you must meet before they choose to invest in your company.

If you’re really excited about what Things we’re trying to do, send us yourto CV.know t is about your own personal development. The key point to know about Private Equity and Venture Capital funding that you will be giving up an equity Come along and you share will grow asisan in your business to secure funding of this nature. ndividual, as well as professionally.”

ail Hatfield, Head of HR, ESC

European Union www.europa.eu/european-union/about-eu/funding-grants_en Telephone: 00 800 6 7 8 9 10 11

Overview European Union (EU) has several different funding programmes that one may be able to apply for, depending on the nature of the business or project. There are two different types: direct funding and indirect funding. The allocation of direct funding capital is managed by the European Institutions. There are two types of funding available: grants and contracts. One may apply for a grant if they run a business or a related organisation that runs projects that further the interests of the EU, or if they contribute to the implementation of an EU programme or policy. You can read about the criteria for eligibility in more detail in the relevant calls for proposals. Contracts are issued by EU institutions to buy services, goods or works that they need for their operations â&#x20AC;&#x201C; such as studies, training, conference organisation or IT equipment. EU funding for small businesses is available for all types of companies of any size and sector including entrepreneurs, start-ups, micro companies, small and medium-sized enterprises, and larger businesses. A wide range of financing is available: business loans, microfinance, guarantees and venture capital. Every year the EU supports more than 200 000 businesses.

Funds European Regional Development Fund (ERDF) The ERDF is a fund allocated by the European Union. Its purpose is to transfer money from richer regions, and invest it in the infrastructure and services of underdeveloped regions. This will allow those regions to start attracting private sector investments, and create jobs on their own. European Social Fund (ESF) The ESF is the European Union’s main financial instrument for supporting employment in the member states of the European Union as well as promoting economic and social cohesion. The spending under the ESF amounts to around 10% of the entire European Union budget. Cohesion Fund (CF) The Cohesion Fund is a financial tool set up to implement the regional policy of the European Union. It aims to reduce regional disparities in income, wealth and opportunities. Europe’s poorer regions receive most of the support, but all European regions are eligible for funding under the policy’s various funds and programmes. European Agricultural Fund for Rural Development (EAFRD) The EAFRD is a European agricultural fund which was set up for the financing of Rural Development Programme (RDP) actions by European Union Council Regulation. The EU’s rural development policy helps the rural areas of the EU to meet the wide range of economic, environmental and social challenges of the 21st century. Horizon2020 As well as these funds, between 2014 and 2020, the EU will provide almost £80 billion in funding for research, mainly through its flagship research programme Horizon2020. This funding usually takes the form of grants, to part-finance a broad range of research projects.

18 Seen as a means to drive economic growth and create jobs, Horizon2020 has the political backing of Europe’s leaders and the members of the European Parliament. They agreed that research is an investment in our future and so they put it at the heart of the EU’s blueprint for smart, sustainable and inclusive growth and jobs. By coupling research and innovation, Horizon2020 is helping to achieve this aim with its emphasis on excellent science, industrial leadership and tackling societal challenges. The goal is to ensure Europe produces world-class science, removes barriers to innovation and makes it easier for the public and private sectors to work together in delivering innovation. Horizon2020 is open to everyone, with a simple structure that reduces red tape and time so participants can focus on what is really important. This approach makes sure new projects get off the ground quickly – and achieve results faster. MORE INFORMATION CAN BE FOUND HERE: www.ec.europa.eu/programmes/horizon2020 SME Instrument A part of Horizon 2020, the SME Instrument aims to provide £3 billion in funding between 2014-2020 to help high-potential innovators develop ground-breaking ideas for products, services or processes that are ready to face global market competition. There are three phases that the SME Instrument will support SMEs through – Feasibility Assessment (Phase 1), Innovation Project (Phase 2), and Commercialisation (Phase 3). During the whole period, the SME Instrument aims to reach and support over 7500 SMEs. MORE INFORMATION CAN BE FOUND HERE: http://ec.europa.eu/programmes/horizon2020/en/ h2020-section/sme-instrument/

Funding pot Between 2014 and 2020, the EU have committed to spending almost ÂŁ80bn in funding for research, mainly through its flagship research programme Horizon 2020. This funding usually takes the form of grants, to part-finance a broad range of research projects, with more information included above.

Types of funding

GRANTS

LOAN

Sector ... ELECTRICITY

GAS

RENEWABLES

...

OTHER

Eligibility criteria EU funding is available for all types of companies of any size and sector including entrepreneurs, start-ups, micro companies, small and medium-sized enterprises, and larger businesses. A wide range of financing is available: business loans, microfinance, guarantees and venture capital. Every year the EU supports more than 200,000 businesses. Businesses or related organisations running projects that further the interests of the EU or contribute to the implementation of an EU programme or policy will be eligible. Projects should have a transnational character, be well thought out and offer added value.

Things to know Certain conditions apply to grants provided by the commission. - They serve as complementary financing, the EU does not finance projects up to 100% - They are meant to help projects break even financially; they cannot result in a profit for the grant beneficiary - They cannot be awarded retroactively for projects already completed - They are awarded on a one-grant-per-project basis

...continues from front page Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

“If you’re really excited about wh we’re trying to do, send us your C It is about your own personal dev Come along and you will grow a individual, as well as professiona

...

Gail Hatfield, Head of HR, ESC

If you’re really excited about what we’re trying to do, send us your CV. t is about your own personal development. Come along and you will grow as an ndividual, as well as professionally.”

ail Hatfield, Head of HR, ESC

Funding Facilitators

ENERGY INNOVATION CENTRE

Enterprise Europe Network www.enterprise-europe.co.uk Telephone: 0300 123 3066

Overview Enterprise Europe Network (EEN) helps businesses to innovate, grow and succeed in the European marketplace. It’s the world’s largest business support network, but free and simple to use with local contacts across each part of the UK. The Enterprise Europe Network can help you to: -

Find new markets for your products Access funding and finance Promote your innovation across Europe Find the right partners for new research and development - Gain free business advice and guidance - Understand how to protect your intellectual assets - Learn how EU regulation and guidance affects you EEN helps businesses to make sense of the hundreds of funding and finance opportunities available to them. They advise on the best ways to secure funding from sources such as grants, loans and equity investment as well as through R&D tax credits. EEN can help shape business plans and put businesses in touch with the right investors, business angels, venture capitalists and banks. They also help businesses access publicly funded support from regional, national and European programmes.

Funding pot Enterprise Europe doesn’t have a funding pot of their own, but signpost businesses to other bodies or organisations that can provide funding.

Types of funding

LOAN

EQUITY

GRANTS

Sector ... ELECTRICITY

GAS

RENEWABLES

...continues from front p Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

OTHER

“If you’re re we’re tryin EEN signpost businesses to other local and regionalIt is about funding bodies, so they don’t have any set eligibilityCome alon criteria of their own. individual, Follow us:

Eligibility criteria

es.catapult.org.uk system - grid version? @EnergySysCat

Things to know ...continues from front page Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

Gail Hatfield, Head of HR

As well as enabling innovators to find funding opportunities, the EEN also assists with finding collaborative partners to manufacture, distribute, and “If you’reinnovative really excited about what co-develop ideas.

we’re trying to do, send us your CV. It is about your own personal development. Come along and you will grow as an individual, as well as professionally.” Gail Hatfield, Head of HR, ESC

Scottish Enterprise www.scottish-enterprise.com Telephone: 0300 013 3385

Overview Scottish Enterprise is Scotlandâ&#x20AC;&#x2122;s main economic development agency, and a part of the Enterprise Europe Network. They work with partners in the public and private sectors to identify and exploit the best opportunities to deliver a significant, lasting effect on the Scottish economy. Various grants and funding options are available to businesses of all sizes for research and development, co-investment and technological innovations. By encouraging an innovative approach to products and services, Scottish Enterprise help Scottish businesses drive global growth and boost competitiveness. - Encourages collaboration between academia and business - Helps companies use R&D to generate revenue - Improves support for entrepreneurial companies; - Supports companies to use innovation to succeed internationally - Capitalises on global supply chain opportunities - Develops Scotlandâ&#x20AC;&#x2122;s low carbon opportunity

Funding pot Scottish Enterprise doesnâ&#x20AC;&#x2122;t have a funding pot of their own, but signpost businesses to other bodies or organisations that can provide funding.

Types of funding

LOAN

EQUITY

GRANTS

Sector ... ELECTRICITY

GAS

RENEWABLES

...continues from front p Printed by Park Communications (illustration brief 1)sources. on paper from sustainable

OTHER

“If you’re re we’re tryin Various grants and funding options are available toIt is about businesses of all sizes for research and development, Come alon co-investment and technological innovations. individual, However, you must beFollow a Scottish based innovator to us:

Eligibility criteria

take advantage ofsystem thees.catapult.org.uk Gail Hatfield, Head of HR Design by Apropos Image: Sumarise connceted - funding grid version? available through Scottish @EnergySysCat ...continues from front page Enterprise. Printed by Park Communications (illustration brief 1) on paper from sustainable sources.

Things to know

“If you’re really excited about whatto Scottish Enterprise doesn’t directly offer funding businesses, they signpost to available we’re trying to do, organisations send us your CV. funding schemes covering a variety of sectors. If you’re It is about your own personal development. a smaller company, Scottish Enterprise may direct you Come along and you willwho grow an to their partner Business Gateway can as assist you further. individual, as well as professionally.” Gail Hatfield, Head of HR, ESC

Business Wales www.businesswales.gov.wales Telephone: 03000 6 03000

Overview Business Wales is the Welsh Governmentâ&#x20AC;&#x2122;s business support agency. They will provide a range of business grants to ensure that Welsh businesses benefit from, and contribute towards the Welsh economy. Business Wales is a free service that provides impartial, independent support and advice to people starting, running and growing a business in Wales. With regional centres across Wales, they offer a mixture of online and face-to-face support, as well as training workshops and individual advice. Business Wales offers a bespoke pre-start and start-up support service. By using a selection of business diagnostic tools, their advisory teams will work with you to establish a comprehensive action plan and help you overcome any challenges you might face. Whether itâ&#x20AC;&#x2122;s through sourcing funding opportunities or exploring new international markets, Business Wales has the tools to assist you as you look to expand and grow your business.

Funding pot Business Wales doesnâ&#x20AC;&#x2122;t have a funding pot of their own, but signpost businesses to other bodies or organisations that can provide funding.

Types of funding

LOAN

EQUITY

GRANTS

Sector ...

2016 Annual Review

Unleashing Unleash the Energy the Ener Opportunity Opportu ELECTRICITY

GAS

2016 Annual Review OTHER

RENEWABLES

Eligibility criteria

Eligibility depends entirely on the schemes. Business Wales focus on helping different Welsh businesses, but do signpost to schemes open to other nationalities.

Things to know

Business Wales doesnâ&#x20AC;&#x2122;t directly offer funding to businesses, they signpost to suitable external funding schemes.

Research Councils www.rcuk.ac.uk Telephone: Dependent on individual research council

Overview The primary role of Research Councils UK (RCUK) is to fund research. They invest public money to universities, research organisations and facilities to train researchers or carry out independent research. - Biotechnology & Biological Sciences Research Council (BBSRC) - Engineering & Physical Sciences Research Council (EPSRC) - Economic & Social Research Council (ESRC) - Natural Environment Research Council (NERC) - Science & Technology Facilities Council (STFC) Each year the Research Councils invest around ÂŁ3 billion in research covering the full spectrum of academic disciplines from the medical and biological sciences to astronomy, physics, chemistry and engineering, social sciences, economics, environmental sciences and the arts and humanities. To maximise the impact of research on economic growth and societal wellbeing they work in partnership with other research funders including Innovate UK, the UK Higher Education Funding Councils, business, government, and charitable organisations.

Funding pot The Research Councils make around ÂŁ1.5m per annum available through their networking fund. This is just one fund that the research councils offer, and others can be found at https://www.epsrc.ac.uk/funding/applicationprocess/routes/network/networks/intro/

Types of funding

GRANTS

Sector ... ELECTRICITY

GAS

RENEWABLES

OTHER

2016 Annual Review

Unleashing the Energy Opportunity Unleash the Ener Opportu Eligibility criteria

All UK Higher Education Institutions that receive grant funding from one of the UK higher education funding bodies are eligible to receive funds for research, postgraduate training and associated activities. 2016 Annual Review

Other independent research organisations (IROs) may also be eligible if they possess an existing in-house capacity to carry out research that materially extends and enhances the national research base and are able to demonstrate an independent capability to undertake and lead research programmes. They must also satisfy other criteria related to their financial and legal status.

Things to know

You must collaborate with a UK Higher Education Institution in order to approach a research council for funding.

Local Enterprise Partnerships & Growth Hubs www.lepnetwork.net Telephone: Dependent on individual LEP

Overview Local Enterprise Partnerships (LEPs) are locally-owned partnerships between local authorities and businesses. Growth Hubs are local public/private sector partnerships led by LEPs. The LEP Network is a great place to learn about the individual LEPs and what they can do for your business in your area.

Funding pot The size of funding pot depends on the individual schemes the LEPs may point you to, but the Local Growth Fund is the governmentâ&#x20AC;&#x2122;s funding pot of at least ÂŁ2 billion a year from 2015/16 to 2020/21. Most of the funding is allocated through a competitive process.

31 1. Black Country 2. Buckinghamshire Thames Valley 3. Cheshire & Warrington 4. Coast to Capital 5. Cornwall & Isles of Scilly 6. Coventry & Warwickshire 7. Cumbria 8. Derby, Derbyshire, Nottingham & Nottinghamshire 9. Dorset 10. Enterprise M3 11. Gloucestershire 12. Greater Birmingham & Solihull 13. Grt. Cambridge, Grt Peterborough 14. Greater Lincolnshire 15. Greater Manchester 16. Heart of the South West 17. Hertfordshire 18. Humber 19. Lancashire 20. Leeds City Region 21. Leicester & Leicestershire 22. Liverpool City Region 23. London 24. New Anglia 25. North East

26. Northamptonshire 27. Oxfordshire 28. Sheffield City Region 29. Solent 30. South East 31. South East Midlands 32. Stoke-on-Trent & Staffordshire

33. Swindon & Wiltshire 34. Tees Valley Unlimited 35. Thames Valley Berkshire 36. The Marches 37. West of England 38. Wocestershire 39. York, North Yorks & East Riding

Types of funding

LOAN

EQUITY

GRANTS

Sector 2016 Annual Review

...

Unleashing Unleash the Energy the Ener Opportunity Opportu 2016 Annual Review

ELECTRICITY

GAS

RENEWABLES

OTHER

Eligibility criteria

Individual LEPs will assist the businesses in their areas. You need to approach your relevant LEP or Growth Hub. Eligibility criteria after that will depend on the individual schemes.

Things to know

As well as funding, LEPs offer general business advice, and it can be worth approaching your local LEP should you need assistance.

How we can help you The EIC and the ESC are committed to providing innovators with the necessary information to make informed choices about funding. We want to help you secure the funding that you need to bring your game-changing innovation to market. This booklet provides information about some of the funding sources available to innovators, however, if you have any other queries please feel free to contact us.

ENERGY INNOVATION CENTRE

Tips & things to think about Finding the right funding, and knowing what to look out for can be daunting. Here are some things to think about. Match funding: some funding programmes will require you to match fund what you receive. This means you will need to be in a position to supply the same cash amount as the grant value to be eligible to apply. Protect your IP: look out for stipulations relating to your intellectual property (IP). Some funding schemes may want you to give up a percentage of your IP in exchange for a grant. Study the requirements: some funding schemes may specify that you will need to create a certain number of jobs or collaborate with other companies in order to be eligible. Other funding programmes will require you to complete your project within 12 months. To avoid being caught out, always read the small print before you apply! Timescales: some funding bodies may stipulate that their funding will not be available for a certain period of time. Establish if this is right for you, and if you could continue for that period without the cash injection.

35 Just ask: if you don’t understand a particular stipulation or comment, then ask the finance provider. They will have the answers to your questions. Look around: don’t assume that the first scheme you come across is the best for you. Find out more about the various funding bodies we have outlined in this booklet to see which funding scheme suits your needs best. One size doesn’t fit all: in the same way that no one CV will impress a whole host of potential employers, no one funding application will appeal to every funding body. Tailoring your funding application to the agency you are approaching will increase your chances of success significantly. 2016 Annual Review

Do your homework: securing funding is a highly competitive process so having a convincing business plan, a robust financial model and a carefully compiled grant application are the things that’ll help you stand out in a crowd.

Unleashing the Energy Opportunity Unleash the Ener Opportu Embrace the big picture: when you’re pitching your 2016 Annual Review innovation to a funding agency, don’t forget that a huge part of their interest lies in the bigger economic picture. If you can demonstrate that your project will have significant positive economic impact, then you should be onto a winner. Look to the future: it’s essential that you have a clear idea of what your business will look like after you have secured funding. For example, you may want to research options for further product development.

Energy Systems Catapult 7th Floor Cannon House 18 Priory Queensway Birmingham, B4 6BS info@es.catapult.org.uk Tel: 0121 203 3700 Twitter: @EnergySysCat ES.CATAPULT.ORG.UK

2016 Annual Review

Unleashing the Energy Opportunity Unleashing the Energy Opportunity ENERGY INNOVATION CENTRE

2016 Annual Review

Energy Innovation Centre

The Technology Centre, Suites 1 and 2 Inward Way

Ellesmere Port

Cheshire, CH65 3EN

enquiries@energyinnovationcentre.com Tel: 0151 348 8040 Twitter: @EIC_UK