Low Carbon Innovation Fund makes another investment in Cambridgeshire Business
8power (www.8power.com) based in Cambridge, recently benefited from investment from LCIF. 8power is an innovative technology company specialising in self-powered wireless sensor solutions for industrial plant applications. They are enabling machine condition monitoring at lower cost and easy installation for water/waste treatment, manufacturing industries and oil and gas industries.
Paul Egan, CEO of 8power commented: “We are delighted to welcome LCIF2 as an investor in 8power. This investment will enable us to achieve our goal of growing the business in the UK and Europe as well as strengthen our links to local and national government”.
Low Carbon Innovation Fund 2 (LCIF2) supports products and technologies which are innovative and will have a tangible impact on greenhouse gas emissions. These need not be only in renewable energy or related sectors; however, they must be inherently more energy or resource efficient than what is currently operating in the market.
LCIF2 is a venture capital fund operated by the University of East Anglia, supported by Norfolk County Council and managed by Turquoise, the UK merchant bank specialising in energy, environment and efficiency. It is further supported by three Local Enterprise Partnerships including the Cambridgeshire and Peterborough Combined Authority LEP. It provides investment funding alongside private sector investors as well as mentoring and support through its wide network and expertise. Nearly £1.7 million has been invested into the first 7 companies since launching in 2020.
Ali Naini, Managing Director of Turquoise, added: “We are delighted to have hit such a milestone so early in the life of LCIF2. Given the circumstances of the pandemic, it is more important than ever to get funding out to good companies in the region. Once LCIF2 was open we needed to hit the ground running and I am proud of the team’s achievements in this regard”.
Mayor of Cambridgeshire and Peterborough James Palmer said: “This is great news for our region and I believe this investment has come at exactly the right time. At the Combined Authority, we will always back businesses with strong credentials and a vision for building a greener, more sustainable future. As COVID restrictions ease, sustainable innovation is even more vital in remaining internationally competitive and this funding extends Cambridgeshire and Peterborough’s role as a key player in the future of high-tech, low carbon manufacturing. I am proud of the dynamism in our county and this is the type of commitment that can stimulate further advancements. To become carbon neutral by 2050, it is strategic and collaborative programmes like this that go a long way in achieving that very goal.”
LCIF2 is funded by the European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority. LCIF2 is investing a total of £10.9M by the end of 2023 and is seeking expressions of interest from companies developing or selling products and technologies which are innovative and will have a real impact on greenhouse gas emissions.
LCIF2 will be holding short events on 31st March and 13th April on Zoom for interested parties to find out about the fund and how to apply. Please visit www.LCIF.vc to register for either of these events.