- 26 June 2018
- Transport / Logistics Services
Quango Innovate UK has announced that 13 businesses are to receive loans to work on the challenges of “population growth, accelerating urbanisation and climate change”.
These businesses are developing innovative solutions for the UK’s urban infrastructure, energy and transport challenges.
The loans will be a total of £8 million.
The chosen companies have won a competition that looks for businesses that could scale up and commercialise new technologies that tackle these issues. The competition is part of Innovate UK’s two year pilot loans programme, through which a total of £50 million is available.
The first successful companies include:
CitiLogik : analysing how people move to identify and analyse demand activity
G-Volution : dual-fuel engines that are cheaper, cleaner and greener
Alert Technology : the world’s first portable asbestos detectors
Alcove : assistive Internet of Things-based technology for older adults
Catagen : catalyst emissions testing and simulation
Utonomy : pressure management to reduce gas leakage by up to 25%
3-Sci : moisture monitoring system for corrosion under insulation
Lightfoot : connected car technology
Innovate UK’s Executive Chair, Dr Ian Campbell, commented: “Innovative businesses require innovative finance, so we’re excited about the opportunities innovation loans are now unlocking for UK businesses to lead the revolution in infrastructure, urban living, energy and connected transport.
“We’ve seen high levels of demand for this new, affordable, flexible and low interest finance option for innovation and we’re confident it will help potential UK businesses to scale up, create high-value jobs and ultimately accelerate economic growth and improve the quality of life across all regions.”