Low Carbon Investment Fund launched by Newhaven Enterprise Zone
Newhaven Enterprise Zone (NEZ) is helping the town’s small and medium-sized enterprises (SMEs) achieve net-zero by introducing an innovative Low Carbon Investment Fund.
The pilot scheme has been created to support Newhaven companies that want to drive business growth through developing low carbon products or adopting low carbon processes and services.
The Low Carbon Investment Fund is being delivered in partnership with The University of Brighton which has worked with Newhaven business such as Quintessence Fragrances to help it on its net zero journey.
The fund will support initiatives that contribute to sustainable practices, turbocharge economic growth and help to create a more resilient business community in Newhaven.
Corinne Day, programme director, Newhaven Enterprise Zone, said: “Green growth, one of the four NEZ investment priority projects, sees the introduction of the pilot Low Carbon Investment Fund. This is part of the process for assisting SMEs in Newhaven to move towards net zero operation and the wider impacts that clean growth can create.”
The fund works to promote energy efficiency as well as green innovation.
SMEs can access grant funding of up to £10,000 to implement energy-saving and waste and emissions-reducing measures within the business premises and operations.
This financial support has been designed for local businesses to make tangible energy changes, reducing their environmental impact and operational costs.
Grants of up to £25,000 are also available for businesses which want to develop and introduce new low carbon or ‘green’ goods and services to the market.
This support not only encourages innovation but will position Newhaven SMEs as frontrunners in the transition to a sustainable future – which will benefit the wider business community.
Funds can also be used to support new business models based on the principles of the circular economy – for example, through circular supplies, resource recovery and product life extension.
Zoë Osmond, director of Clean Growth UK, at the University of Brighton said: "We are very excited to help Newhaven businesses cut costs as well as their carbon footprint.
“There is plenty of opportunity for companies in the green transition and this grant is an excellent way to accelerate green growth in Newhaven whilst reducing environmental impact."
The University of Brighton has been appointed to manage the process and support businesses with progressing applications.
Quintessence Fragrances said it completed Clean Growth UK’s online workshop Net Zero 360, which includes a three-part workshop series, a self-serve carbon calculator and the opportunity to work with university hubs on net zero innovation.
Rebecca Bond, technical evaluator and sustainability coordinator at Quintessence Fragrances said: “The Net-Zero 360 workshops were a fantastic help in providing us with the tools to create meaningful sustainability goals, and to begin the massive project of calculating our carbon footprint. The enthusiasm of the team was infectious, and really boosted our motivation to make a difference at Quintessence.”
The fund is open for applications until March 2024.
To find out more about NEZ’s Low Carbon Investment Fund and to apply, please visit https://newhavenenterprisezone.com/newhaven-unleashed/