Sustainable Ventures has partnered with independent technology innovation catalyst CPI in a government-backed effort to deliver £1.5 million of private investment to hydrogen startups in the North West of England. With plans to “transform Manchester into a European hydrogen hub,” its accelerator anticipates £5 million in commercial contracts for startups in the region.
In keeping with the UK’s commitment to Net Zero by 2050, hydrogen startups have been identified by the government as a key sector, with a forecasted £11 billion invested across the UK by 2030. Sustainable Venture has supported more than 500 climate tech startups and worked with numerous government-backed bodies and local authorities, including the Greater London Authority, The Carbon Trust and the Liverpool City Region Combined Authority.
The programme — commissioned by the Hydrogen Innovation Initiative consortium — will take place over 12 to 18 months. The North West has been lauded for research excellence at its Tyndall Centre for Climate Change Research as well as the University of Liverpool being ranked the top university in the world in 2022 for its partnership work in support of the UN’s Sustainable Development Goals.
Regions outside London, Oxford and Cambridge — the ‘golden triangle’ — receive comparatively little investment in tech. In 2019, northern universities attracted only 1.8 per cent of early stage venture funding, compared to the 90 per cent that went to Oxford, Cambridge and London.
Andrew Ruffler, Northern Director, said:
“Climate tech innovation is happening all over the UK, not just in London. The North-West is one of the most innovative regions in Europe, and this programme will accelerate its journey to become a leader in the fight against climate change while creating green tech jobs.”
Lead image: Unsplash
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