Innovate UK is investing up to £1.5million in technical feasibility studies to encourage new entrants to the energy sector and stimulate the adoption of disruptive technologies. Further funding of up to £500,000 is also available from the Nuclear Decommissioning Authority for support of relevant projects.
The aim of this competition is to find radical, innovative and cost-effective solutions to long-standing challenges faced by the energy sector, either by the development of new ideas or through technology transfer from other sectors.
The areas of interest for the competition include ‘taking inspection to the limit’, dealing with data’ and ‘engaging in energy’ in the areas of oil and gas, nuclear and energy systems.
Projects must be led by an SME whose main business lies outside the energy sector either alone or collaboratively with partners of any size from any sector.
Small businesses could receive up to 70% of their eligible project costs, medium-sized businesses up to 60% and large business partners up to 50%. Projects are expected to last six to 12 months and to range in size from total costs of £25,000 to £100,000, although projects outside this range may also be considered.
The competition opens on 28 March 2016 and the deadline for submissions is at noon on 11 May 2016.