A new organization has launched to promote cleantech in the UK.
The founding members of the Cleantech for UK were joined by Prime Minister Rishi Sunak, Bill Gates, and three leading UK cleantech companies for the launch event, where participants discussed how the UK can lead the world in pioneering clean solutions.
The founding coalition includes six accelerators, venture capital, growth investors and alternative asset platforms with combined funds of over £6 billion. The initiative is supported by Bill Gates’ Breakthrough Energy and organized by Cleantech Group.
UK cleantech venture capital investment was £3.2 billion in 2022, equalling the record-breaking amounts of 2021. This is especially remarkable in a cooling global venture capital climate, but the UK must go further and faster to maintain competitiveness.
“Investing in renewables and clean tech is one of the best ways to strengthen our energy security, create better-paid jobs and grow the economy,” Sunak said.
“With the launch of Cleantech for UK, a new generation of talented British businesses can be confident that they have the backing they need to unlock green solutions to some of the biggest challenges we face. This shines a light on the strength of UK innovation – and our ability to find new ways of doing things to drive economic, social and environmental progress.”
The Cleantech for UK coalition’s objective is to boost UK cleantech innovation. The UK is home to scientific research and a thriving innovation scene. But this world-leading capability is not consistently translated into world-leading cleantech scale-ups.
Founding members of the coalition are: Imperial College London’s cleantech accelerator Undaunted, Clean Growth Fund (cleantech venture capital investor), Kiko Ventures (cleantech venture capital investor), Breakthrough Energy Ventures (cleantech venture capital investor), Just Climate (climate-led investor), Legal and General Capital (alternative asset platform). The work of the coalition will be facilitated by Cleantech for UK.
“The UK has all the ingredients to become a major player in the global push to build a net-zero emissions future, including world-class research facilities and forward-looking investors. It’s great to see cleantech businesses, innovators, and policy makers coming together to advance UK climate leadership,” Gates said.