New £450m fund to unlock cutting-edge innovation across gas and electricity networks

The new Strategic Innovation Fund (SIF), which opened on 31st August, will unlock greener ways to travel and to heat and power homes and businesses, by harnessing a new approach to energy network innovation.

This will keep bills as low as possible, drive the UK towards its goal of net zero greenhouse gas emissions by 2050, and help turn the UK into the ‘Silicon Valley’ of energy.

The fund, which is now open for application, is part of Ofgem’s RII02 price controls for the electricity system operator and the network companies that operate GB’s energy pipes and wires. The fund will be approved by Ofgem and managed in partnership with Innovate UK.

£450 million will initially become available over the next five years through the fund, with the option to increase in response to need and if innovators bring forward strong plans.

Together, network companies, system operators, and the world’s leading businesses and researchers will use this money to drive big ideas that accelerate the transition to an emissions-free energy system and at the same time help to position the UK as a world leader in energy innovation.

See the Ofgem website for more information on the Strategic Innovation Fund challenge competition.