British entrepreneurs are set to benefit from a share of £10million to help bring new and innovative energy efficient products to market, Minister of Energy & Climate Change Greg Barker announced on 28 January.

Small and medium size enterprises within the energy efficiency, building technologies, power generation and energy storage sectors are invited to bid for funding of up to £2million under the government’s Energy Entrepreneurs Fund.

Mr Barker said: “This investment will give SMEs a vital boost to drive forward the development of a range of innovative low carbon designs, helping cut costs and bringing new technologies to market in this sector.

“Innovation is vital for the move towards a low carbon economy and an essential part of our long term economic plan. I look forward to seeing our great entrepreneurs rising to the challenge.”

Applications are assessed by engineering and technical experts across government and industry, as well as a commercial panel of low carbon investment professionals. Bids are judged against a range of criteria including the ability to cut the cost of existing technologies, future carbon savings and commercial viability.

This is the third phase of the Energy Entrepreneurs Fund. In the first phase, which was launched in September 2012, 31 companies were awarded grants of a total value of £16million. The second phase, launched in June 2013, resulted in 20 companies receiving grant offers totalling £9million.