Innovate UK announces £4.8M funding for Transforming Foundation Industries programme

09 Jun 2022 | Network Updates | Update from Innovate UK
These updates are republished press releases and communications from members of the Science|Business Network

The Transforming Foundation Industries (TFI) Investor Partner programme today announces the issuing of its first seven grants, totalling £4.8 million.

The funding brings the total investment from TFI in the recipient companies to £20 million, continuing its commitment to re-invent the foundation industries with new, technology-focused and circular business models.

The competition works alongside five investment funds:

  • HG Ventures
  • Clean Growth Fund
  • Midven Limited
  • Speedinvest Industry
  • Turquoise International.

These investment funds are keen to support innovations that meet the growing demand for more sustainable products in the sector.

The TFI challenge

Each was appointed through a separate competition to identify investors with the credibility, capability, capacity and appetite to invest in innovative, technology-led businesses in areas that align with the objectives of the TFI challenge.

As well as the TFI grant funding, the successful companies also receive private equity investment of at least the same value again from one of the investor partners. This will support both vital research and wider business development.

Together with the ongoing support of the TFI challenge and expertise of the investor, the funding is already allowing these companies to scale at pace through the use of higher performing and sustainable products.

Developing our technology

Johan du Plessis is Founder and CEO of tepeo, inventors of the Zero Emission Boiler (ZEB), a new generation of smart low carbon heating technologies using compact thermal storage.

Johan du Plessis said: "With this combined investment of £3 million from our investors, and almost £700,000 from UKRI, we’ve doubled our workforce, purchased vital new equipment, moved to larger premises. We are developing our technology so it’s ready for large scale production, it has been transformative and supercharged the growth of our business."

Transformative innovations

Bruce Adderley, Challenge Director of the TFI challenge, added: "The Investor Partner Programme was specifically created to match new sources of private investment with businesses bringing transformative innovations into these sectors at scale. The outcome has been projects that drive forward high-quality, sustainable and competitive business opportunities, have clear routes to commercialisation, and have attracted significant funding from overseas investors. A real success."

This challenge is delivered by Innovate UK.

This article was first published on 8 June by Innovate UK/UKRI.

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