Given the amount of emphasis the government has placed on energy and also their commitment to invest further billions in the sector as revealed in the latest budget there had been concerns that the industry would be waiting for a period of time before investment came from proposals. However the investment pot does look to be beginning to be shared amongst industry bodies already as the resurgent effort behind renewable energy projects from large scale solar power energy, wind power projects and also the research into advances within the sector is being supported.
What Is The Catalyst Fund
Innovating the industry is an area that the government is particularly interested in and as such is an area that the specifically created energy Catalyst Fund looks to support. To reiterated this the government department the DECC has just issued a further £25M into the fund to help fund future projects and innovation development within the renewable energy sector.
How Does The Catalyst Fund Help The Renewable Industry
The fund helps in one of the most critical areas of any new business and that is the start up, with the aid of the funding renewable technology in areas relating to solar PV panels, wind, biomass and more. The funding can be attributed to improving the market in areas which otherwise may not have seen the light of day or would have taken allot longer to achieve the funding they needed to begin their research. The fund can support whole or parts of projects and so it can play a minor role in many different projects that don’t wholeheartedly depend on it for success.
Innovation Is Key
The whole premise of the funding is for new technology and advances within the sector to have the chance to develop and so any such funding for large or small scale commercial projects would not be supported by the catalyst fund. The fund works in conjunction with the Technology Strategy Board and the Engineering & Physical Science Research Council helps to prepare projects and research for entrant into the commercial arena. As such the Catalyst project is not a long term investment pot for projects the main aim is to give innovation projects the chance to take off the ground and then help to steer them towards further investment from commercial and private organizations.
Why Is The Government Focusing So Much On Renewable Power Innovation
While it could be argued that the money could be better spent on large scale solar power and wind farms as this would generate a better return from the capital involved the point being missed is that any kind of technological breakthrough from the fund could repay the original investment back many times over. Also if any innovation was adopted nationally it would easily out perform any large scale solar project many times over. One of the key areas driving the Catalyst Fund is the prominence of the UK technology within the field of renewable energy as the nation is now being regarded as up their with other leading nations across the world. We have discussed recently the amount of joint projects between the UK and other nations due to the caliber of the work in solar, wind, hydro, biomass and more that other nations want to tap into our expertise.
What are The Future Catalyst Funding Plans
Due to the positive feedback the fund consistently gets from industry insiders and the aid it provides to the UK sector already similar model like Catalyst have been set up within the bio chemical industry i.e. Agritech Catalyst, with also other similar models in the medical industry. As such the infrastructure of the catalyst model in renewable energy has already witnessed advances within the solar power, wind, hydro electric and other renewable areas and as such due to the renewed investment is set to be a fixture in the development of the industry for a number of years to come.
Some previous related articles of interest:
What Scottish law changes could mean to the renewable industry
How the growth in the renewable industry could be set to change the energy market
The changing face of solar pv energy sharing