The Conservatives have also pledged investment into clean energy solutions and green infrastructure to reduce carbon emissions and pollution, with the aim of establishing ‘the most ambitious environmental programme of any country on Earth’.
Promising to establish Wales as the ‘cradle of the global green revolution’, Plaid Cymru have put special emphasis on environmental policies with a greener homes programme, a national inventory of green energy potential, aims to decarbonise transport as well as promoting community ownership of renewable energy.
Whilst the politicians continue to battle it out, we’ve profiled some of the young startups who are working to increase sustainability across the energy and food sector, no matter who gets into Number 10.
CleanTech startups of the future
G-Volution
Welsh company G-Volution aims to offer lower carbon and emission solutions in transport and power generation, at a more affordable price. It was formed as a response to tackle global warming, with a unique dual fuel technology concept incorporated to reduce carbon emissions. G-Volution has developed patented technology including the G-Volution Optimiser, which is used to control the delivery of secondary fuels, allowing two or more fuels to combust simultaneously. The Optimiser also aims to manage carbon emissions, delivering the most efficient, yet cost effective dual fuel combustion.
Operating since 2005, G-Volution has now secured £2.38m of equity and loan finance over five rounds, as well as receiving seven grants with a combined worth of £1.81m. The latest of these, a £322k Manufacturing, Materials and Mobility grant, was awarded in September 2019.
C-Capture
C-Capture, a spinout from the chemistry department at the University of Leeds, designs solvent systems which aim to remove carbon dioxide from gas streams. The release of carbon dioxide, a greenhouse gas, into the atmosphere is a main contributor to global warming. C-Capture’s technology addresses this issue by ‘scrubbing’ and removing carbon dioxide from methane gas streams. When applied on a larger scale, such as within power stations or other industrial gas emitters, C-Capture’s technology and solvent systems selectively detect and capture carbon dioxide emissions as they pass through. This captured carbon dioxide can be retained, stored and transported, with potential uses for it in other manufacturing processes. In addition to £3.67m of equity funds raised, C-Capture also received a £104k Innovate UK grant in 2018.
Bulb
Bulb sells gas and electricity, derived from environmentally friendly sources, to business and domestic customers. The CleanTech company supplies 100% renewable electricity, originating from a mixture of generation types, including wind, solar and hydro. Bulb has direct relationships with independent renewable generators across the UK and tries to purchase most of their electricity from these generators. Bulb also provides 100% carbon neutral gas, 10% of which is produced from renewable sources like farm or food waste.
Bulb’s provision of gas and electricity revolves around three core pillars. The first is simplicity, with potential customers able to quickly switch to Bulb and all customers being offered a simple, variable tariff. Bulb also aims to provide cheaper energy by investing in technologies that reduce their cost of operations. These savings are passed onto their customers, with Bulb being 17% cheaper than Big Six standard deals. Finally, Bulb emphasises making energy greener through its commitment to providing 100% renewable electricity and carbon neutral gas.
Released earlier this year, Beauhurst’s Unicorn report named Bulb as a ‘soonicorn’ – a company that we expect to reach a $1b valuation in the near future. The company has secured £65.3m of finance over six funding rounds since being founded in 2014.
Origami Energy
Origami Energy has developed a platform which helps energy companies manage the energy flow between physical sites. Origami has recognised that the transition towards renewable energy sources has resulted in energy systems being more complex and uncertain. Thus, its technology has been designed to help the energy industry monitor and optimise anything that uses, stores or generates electricity.
To achieve this, Origami offers three products. Origami Connect aims to connect anything that generates or consumes power through one platform, thus providing users with all the information needed to make smarter decisions. Origami Control offers users real-time and remote control over energy assets, ensuring energy suppliers keep up to pace with market changes, through a single platform. Origami Optimize simplifies the management of large portfolios, allowing energy suppliers to track complex assets over a variety of markets.
Since being founded in 2013, Origami have already reached scaleup status and raised £35.8m over three funding rounds. They are backed by Cambridge Innovation Capital (CIC) and Octopus Ventures, among others. Their latest pre-money valuation stands at £42.2m (May 2018).
Tidal Lagoon Power
Tidal Lagoon Power develops tidal lagoons – a method of producing electrical energy by converting power from the change in tides. Tidal Lagoon Power was initially created to utilise the natural power created from the rise and fall of the tides. This power source is one of the cheapest electricity sources amongst new power stations. With tidal waves being entirely predictable and occurring throughout the year, the power provided by tidal lagoons offers an inexpensive, sustainable and reliable power source. Tidal Lagoon Power is currently aiming to power 30% of UK homes by developing six tidal lagoons. They are also pursuing several overseas projects, since being given permission to build its first power plant in Swansea Bay, in Wales.
In early 2016, Tidal Lagoon Power secured a £2.03m equity investment at a £30m pre-money valuation, backed by Gupta Family Office.
