Funds provide £50m boost for companies that aim to protect environment

The British Business Bank’s regional funds have supported more than £50m of investment to  help companies in the North and Midlands reduce their carbon footprint.

The team at Tribosonics, a Sheffield company whose smart sensing technology helps industries to reduce costs and carbon emissions,

Both the Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF) have provided financial backing to 45 businesses which aim to protect the environment.

A spokesman said: "Recognising the power of these businesses in contributing to the regional green economy, NPIF and MEIF are working with fund managers, Combined Authorities, Local Enterprise Partnerships, growth hubs and regional stakeholders in the public and private sector to deliver finance from the funds and private sector investors.

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Tribosonics, a Sheffield company whose smart sensing technology helps industries to reduce costs and carbon emissions, has raised £1.1m from NPIF – Mercia Equity Finance.

The firm’s technology can be used in manufacturing, power generation and transport. The investment from NPIF is being used to expand the team with 11 staff hired since September 2020, in addition to further investment into product development.

Catherine Lewis La Torre, CEO at British Business Bank, said: “The low carbon and renewable energy economy is a priority for the bank’s regional funds as we continue with our efforts to support businesses across the North and Midlands to build back better. The economic benefits are clear, with companies in the space making significant contributions to the UK’s GVA and employment rates.

“From supporting innovation and business growth, to expanding geographically or recruiting new people, NPIF and MEIF are here to support low carbon businesses that are taking the UK one step closer to achieving its goals around net zero.”

Roger Marsh OBE DL, Chair, Leeds City Region Enterprise Partnership, NP11 & NPIF Strategic Oversight Board, said: “The North and Midlands are playing a leading role as the UK tackles climate change. With support from NPIF and MEIF, we can harness the innovation and pioneering spirit that powered the industrial revolution and build a net zero carbon economy.

“From developing more efficient ways to use resources, to generating clean energy, to innovations that could transform the way we live and work, our regions’ businesses have enormous potential. The low carbon and renewable sector has the opportunity to create thousands of good jobs and revitalise our economies.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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