Europe’s largest climate tech hub, Sustainable Ventures, has partnered with independent technology innovation catalyst CPI to help innovative hydrogen startups in Greater Manchester scale over 12 to 18 months using £1.5 million of private investment.
Sustainable Ventures will find customers for the startups, aiming to help win contracts worth £5m by the end of the scheme, which was commissioned by the Hydrogen Innovation Initiative consortium and which will provide a template for future hydrogen investment and ideas.
The government has identified hydrogen as a key sector which could unlock 12,000 jobs and £11bn of investment by 2030.
The new partnership will highlight the viability of hydrogen potential in the UK and make the North West a hydrogen hub. It forms part of Sustainable Ventures’ expansion into the North West, with Manchester serving as a launchpad, given that the city is already home to a thriving climate tech hub, in order to boost investment and green jobs in the region.
Sustainable Ventures was chosen because it has a track record of helping startups to scale rapidly and has supported more than 500 climate startups thus far. It has also worked with numerous government-backed bodies and local authorities to drive climate tech innovation, including the Greater London Authority, The Carbon Trust and the Liverpool City Region Combined Authority.
Startups assisted by Sustainable Ventures have thus far raised over £1bn, have a survival rate of 85 percent and have generated more than 5,500 green jobs.
“We share the consortium’s belief that hydrogen is critical to decarbonising the most challenging areas of the economy and that it presents a huge opportunity for the UK, so we’re pleased to have been chosen to lead the delivery of this vitally important programme,” said Andrew Ruffler, Northern director. at Sustainable Ventures.
“We’ve been a trusted partner of government-backed bodies and local authorities for some time, and are really excited to expand this work into the North-West. Climate tech innovation is happening all over the UK, not just in London. The North-West is one of the most innovative regions in Europe, and this programme will accelerate its journey to become a leader in the fight against climate change while creating green tech jobs.”
