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Home News-archive General Clean-tech innovation under threat in the UK
| Clean-tech innovation under threat in the UK |
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| Written by Administrator | |||
| Wednesday, 10 September 2008 16:29 | |||
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Some of the UK's major innovators in the clean-tech sector feel they may have to move offshore in order to attract vital investment, according to a study published by Greenbang, a green business news website, today (10th September). "There is a danger that some very smart technologies could move offshore to places like the US where investors are happier to take a risk," says Greenbang Editor Dan Ilett. "Some of the companies we selected for the index said they had to jump through hoops to get investment in the UK, particularly to grow from small to mid-size. It shows that while there is a lot of noise around clean tech and green business; innovators in the UK are simply not getting the cash they need. "While there are some universities and government departments helping companies, the research showed that not all companies are finding it easy to get such support. However, the research highlighted some inspiring clean-tech business ideas in the UK. The range of ideas and the potential for some of these companies is astounding." Currently the UK leads the way in tidal and wave energy research, says the report, but it could risk its current advantages to overseas enthusiasm. Aquascientific, a two-year-old company which designs tidal turbines commented on the threat, "We are focused on environmentally attractive and reliable designs, which give a high return on investment. As we can see from this report, the UK is home to some great innovators in the clean tech space. However, growing overseas commitment to tidal energy in particular, means without greater funding in the UK, we are in real danger of attracting technology away from the UK." Political and regulatory uncertainty was found to be a risk as well as a deterrent for investors. High capital expenditure puts off investors even though the cost of renewable energy is falling as oil costs are rising. However, universities remain keen to help move the clean-tech industry along. Simon Bond, Director of the University of Bath Innovation Centre, said, "We are excited about collaborating with start-up clean tech companies - the UK has a strong research base in this sector and, with the proper support and funding, we have a real opportunity of taking this world class technology into global markets."
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