Innovatium secures EEF Phase 9 funding from Department of Energy Security & Net Zero
Innovatium has been awarded a grant under Phase 9 of the Energy Entrepreneurs Fund (EEF).
Launched by BEIS (now restructured to the new Department for Energy Security & Net Zero), the EEF is one of the Government’s flagship programmes for energy sector SMEs. The objective of the fund is to offer support through capital grants, the development and demonstration of innovative technologies and/or processes in the areas of energy efficiency, power generation, heat generation, energy storage, reducing greenhouse gas emissions and security of supply.
Phase 9 of the EEF makes £10m in grant funding available – of which, Innovatium has been allocated £360K.
The EEF has previously launched eight phases – EEF 8 was launched February 2021. Between Phases 1 to 8, EEF has supported 214 projects to develop innovative, low carbon products across a wide range of technologies. These were awarded grants to a value of c.£100m. Having been selected for Phase 9 of the EEF scheme, Innovatium will join a cohort of companies that receive Acceleration Support alongside their grant to help aid progress towards the commercialisation of their technology.
Glasgow-based Innovatium develops technology solutions to meet the challenges of industrial decarbonisation, energy security and energy resilience. Its ‘game changing’ PRISMA Liquid Air Battery technology stores energy in liquid air form to provide compressed air, allowing inefficient partially loaded, variable-demand compressors to be turned off. Such is its impact, data shows that PRISMA can deliver up to 25% energy savings as well as hours of back-up energy storage.
Commenting on Innovatium’s successful application for a capital grant under EEF Phase 9, Simon Branch CEO says:
“We are very pleased to receive funding from the EEF programme. This scheme is all about nurturing entrepreneurial spirit and supporting the path to commercialisation for innovators like us. Our PRISMA technology is a shining example of an innovative solution to the longstanding problem of how to reduce the energy cost and carbon footprint associated with compressed air generation in industrial settings.
“We want PRISMA to play an active role in supporting carbon-conscious companies as they face the realities of the ‘energy trilemma’ of managing energy efficiency, energy cost and energy security in the years to come. Today’s confirmation of support from Department for Energy Security & Net Zero will make a very useful contribution to our commercialisation plans and help us to achieve our goals.”