UEA’s low carbon innovation fund creates 1,500 jobs

The University of East Anglia’s (UEA) Low Carbon Innovation Fund has supported more than 140 projects which are projected to reduce greenhouse gas emissions by an estimated 13m tonnes of CO2 – the equivalent to the electricity use of 24m UK homes.

The fund is in collaboration with Norfolk County Council and specialist clean-tech-fund managers Turquoise International.

One of the fund’s success stories is Hethel-based Connected Energy – a pioneering company that repurposes second-life batteries from former electric vehicles and turns them into powerful grid-scale energy storage systems.

Connected Energy repurposes second-life batteries from electric vehicles and turns them into powerful energy storage systems (Image: Chris Taylor) The fund launched in 2008 in response to the financial crisis, and was designed to stimulate investment in high-risk, innovative companies developing environmentally beneficial technologies. 

It rapidly grew from an initial £8m investment to more than £20m, and successfully leveraged £76m in private sector investment – culminating in a total portfolio of 82 companies receiving £157m in funding across two phases. 

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Matthew Lumsden, CEO of Connected Energy, said: “The Low Carbon Innovation Fund has been more than an investor to Connected Energy – they have played a pivotal role in accelerating the company’s growth. 

Matthew Lumsden, CEO of Connected Energy (Image: Supplied) “First investing in the business in 2019, the fund team then went on to lead our subsequent 2022 round.

“The due diligence that they apply to all their investments, coupled with their commitment to building lasting relationships, instils confidence amongst investors and companies alike.”

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Connected Energy (Image: Supplied) Professor David Maguire, the UEA’s vice-chancellor, speaking at a reception at the House of Commons, said: “The Low Carbon Innovation Fund has demonstrated the power of collaboration between academia, local government, industry, and investors.  

“The clean-tech solutions it has supported are already delivering significant, measurable greenhouse gas reductions globally while also fostering innovation and economic growth right here in East Anglia.”