£25 million fund to develop greener fuel
News
8 Sep 2015
Three companies have been awarded a share of a £25 million fund to develop greener fuel technology and boost local industry.
The projects will use waste products, including whisky, forestry and household by-products, to create biofuels for cars and lorries.
The successful companies are Celtic Renewables, based in Edinburgh, and Advanced Plasma Power, in Swindon, which will both receive £11 million, as well as Nova Pangaea Technologies, based in Tees Valley, which will receive £3 million.
The funding will be invested in new premises and technologies and is expected to generate 5,000 jobs by 2030.
Transport minister Andrew Jones said: “This is a great example of our commitment to innovative transport technology and supporting jobs and growth.
“Biofuels have an important role to play in keeping Britain moving forward in a sustainable and environmentally-friendly way. This £25 million is not only a vital investment in technology that will help secure a greener future but will also support the creation of thousands of jobs.
“Advanced biofuels have the potential to save at least 60 per cent of the greenhouse gas emissions from the equivalent fossil fuel. The three successful bids show how the government is investing in transport and making better, clean journeys.”
