Scottish Government Launches £5m Fund to Develop CO2 Utilisation Technology
Support is available for businesses in Scotland to development technologies which can transform carbon dioxide into products that have market and commercial value.
The aim of the CO2 Utilisation Challenge Fund is to support Research and Development (R&D) to assist companies in developing technology that will lead to new commercial uses for CO2, and the creation of jobs, as part of a low carbon economy.
The challenge will support projects to develop and test products and to enable infrastructure developments at emissions sources for use in the project.
Companies based in Scotland, or those with the goal of establishing a presence within Scotland, will qualify. To secure a grant, companies will be legally obligated to create and/or safeguard jobs throughout the project and maintain these positions for a period of up to 24 months after the project is completed.
Grants will cover up to 50% of incurred eligible costs, and are expected to be in the region of £150,000 to £500,000.
Suitable projects may use chemical or biological reactions to transform CO2 into a product or component with commercial value, such as synthetic fuels and proteins for use in aquaculture. Projects that focus on products and processes with low carbon intensity will be prioritised.
Head of Low Carbon Transition at Scottish Enterprise Andy McDonald, said:
‘Carbon utilisation technology has wide-reaching benefits for both Scotland’s low carbon economy and the environment.
‘This fund will boost this dynamic and emerging sector by facilitating the creation of more high-value jobs while also helping Scotland reach its net zero emissions target.’
Funding is available until 31 March 2024.
(This report was the subject of a GRANTfinder Newsflash.)