Part of Project Better Energy’s role is to find the right funding scheme, grant or contract terms for you to make investment in greener energy more affordable. One such fund that it is worth businesses exploring if they are planning to go green is the Industrial Energy Transformation Fund (IETF). This fund was set up to help businesses with high energy use to transition to low-carbon technologies and improve energy efficiency. Here are some key points about the IETF:
-Funding: The IETF has a total funding of £500 million available until 2028.
-Phases: The fund is divided into three phases. Phase 3 launched in January 2024 set up to provide £185 million in funding between 2024 and 2028. This phase demands that projects must be underway by July 2025 so not long now!
-Eligibility: Businesses of any size registered and operating in England, Wales, or Northern Ireland can apply.
-Project Types: The fund supports feasibility and engineering studies, as well as the deployment of industrial energy efficiency and deep decarbonisation projects.
The IETF aims to help businesses cut energy bills and carbon emissions by investing in energy-efficient and low-carbon technologies. This particular fund is weighted heavily towards industrial plant related projects. Any high-energy using businesses within England, Wales and Northern Ireland can apply for the IETF, such as businesses within the below industries:
-Mining and quarrying -Manufacturing -Recovery and recycling -Data centres -Industrial laundries -Controlled environment horticulture
If your business is registered in Scotland, the site that is subject of the application must be an eligible industrial site in either England, Wales or Northern Ireland. It’s also worth noting that due to the Department of Energy Security and Net Zero (DESNZ) is aiming to have a balanced portfolio of businesses that receive the funding, it may be that they also consider the below factors when selecting projects should there be an oversubscription for one strand:
-Geographical areas -Technologies -Industrial sectors -Organisation size -Project size -Site type (clustered/scattered sites)
Come to Project Better Energy with all your decarbonisation challenges and project ideas and we’ll help you design and solution, install it and claim the right funding to support it.
