UK Department of Business, Energy & Industrial Strategy’s £40 Million Clean Growth Fund Establishment

Gowling WLG has advised the UK Department of Business, Energy & Industrial Strategy on the deal.

The UK Department of Business, Energy & Industrial Strategy (BEIS), in partnership with fund management company CCLA, established a new £40 million Clean Growth Fund aiming to invest in the country’s most promising early stage clean growth ventures.

The Clean Growth Fund will invest in early-stage “clean growth” companies pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste that are scalable and involved in sustainable technology businesses, primarily in the UK. The focus being UK low carbon, clean tech. It is hoped that the Fund will grow to £100 million.

The fund will seek to accelerate the development and commercialisation of clean growth technologies, to create new and skilled jobs across the country, and contribute to the UK’s efforts to deliver net zero by 2050.

The new fund addresses the strong market need for new funding to support clean growth companies at the ‘early’ stage of their development. BEIS and CCLA want to support and enable an increase in early stage investment in clean growth technologies and solutions by partnering public funds with private capital, revealing the opportunities available in the UK clean growth space.

The new fund will be managed by Clean Growth Investment Management LLP (CGIM), led by Beverley Gower-Jones and working in partnership with Northstar Ventures brings together in-depth knowledge of the UK low carbon technology sector and investment expertise.

Partner Sharon Ayres (Picture) led on the deal.

Involved fees earner: Sharon Ayres – Gowling WLG;

Law Firms: Gowling WLG;

Clients: UK Department of Business, Energy & Industrial Strategy;