Plexal, in collaboration with Shift, has initiated a £1.47 million scale-up programme dedicated to supporting climate tech businesses based in London.
Plexal, in collaboration with Shift, has initiated a £1.47 million scale-up programme dedicated to supporting climate tech businesses based in London. The Future Industries Demonstrator Programme, partially funded by the government-backed UK Shared Prosperity Fund, is set to bolster 215 startups in London actively developing technologies to combat the climate crisis.
Successful applicants will receive a £25,000 grant to bolster their scaling efforts and test new technologies. Additionally, they will gain access to workspaces in the city and benefit from guidance provided by a network of participating business experts.
The selection process for startups will be based on their contributions to three consecutive “challenges” designed to accelerate the UK’s progress towards achieving net-zero emissions.
The inaugural challenge, dubbed “Natural Cities,” aims to leverage technology to enhance water and air quality, biodiversity, waste management, and temperature monitoring in East London.
Abdul Rahim, Chief Innovation Officer at Shift, stated, “By spotlighting challenges encountered by local communities, we hope to ensure that supported solutions possess genuine and significant potential to meet urgent challenges for east Londoners whilst accelerating the net-zero transition for the capital.”
Shift is a joint venture situated at Queen Elizabeth Olympic Park, comprising both private and public organizations. It is dedicated to identifying and testing innovative technologies that address climate emergencies, health and wellbeing, and mobility.
The second and third challenges are slated to be announced in 2024, providing further opportunities for startups to contribute to the UK’s net-zero goals.
Andrew Roughan, CEO of Plexal, expressed his enthusiasm for the project, stating, “As an innovation company and workspace for trailblazing founders, our mission at Plexal is to solve society’s challenges through collaboration with organisations. Therefore, we’re excited to be delivering this programme to discover and support sustainability startups committed to achieving net zero as part of our involvement.”
This collaborative effort between Plexal and Shift not only represents a significant investment in London’s burgeoning climate tech sector but also signifies a concerted push towards addressing one of the most pressing global challenges of our time. Through strategic support and financial backing, this programme aims to empower startups to develop innovative solutions that contribute to a more sustainable and environmentally conscious future.