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Insights

| 1 minute read

What does GB Energy mean for climate tech?

Having a Government that isn't ideologically opposed to renewables is quite refreshing after 14 years. That's an understatement, it's awesome. Having met Ed Milliband, and many subsequent Tory Energy Ministers over the last 20 years (with my solar EPC business and Hyperion), I've still been surprised by the speed and level of ambition in this new government.  But what does it mean for Cleantech?  I think clearly GB will first and foremost be a renewable project developer and enabler. Focused on existing technologies, primarily Wind.  If it really fixes grid connection issues it will be a game-changer for so much private sector renewable development, in Solar, WInd, Batteries and EV Charging. 

For the start-up community, I don't see a direct support, but certainly there will be knock on effects in investor confidence in the Country, and an optimistic outlook after so many years of Tory doom, despair and Brexit.  

80% of our clients at Hyperion are outside of the UK, we recruit in 17 countries. Long may we continue to do so, but the prospect of more clients and activity in the UK is exciting for us in the UK team.  In fact one of our UK Mandates was to recruit the Project Director for the Mersey Tidal scheme. Let's hope GB Energy can help this become a reality.

 

GB Energy is one of the new UK government’s flagship policies: a state-owned company to increase renewable energy generation. The government’s set to put £8.3bn into the company over the next five years and it hopes to mobilise a hefty £60bn of private capital on top of that.  GB Energy has £3.3bn to invest in small-scale energy projects in local communities, as well as £5bn for direct investments to help get larger projects up and running. Yesterday, UK Prime Minister Keir Starmer announced that GB Energy will use the country’s surrounding seabed, owned by the Crown Estate — a public entity that manages a portfolio of land across the UK and helps fund the Royal Family — to build offshore wind farms that it hopes will power 20 million homes across the country.

Tags

investment, leadership, cleantech, climate tech, energy storage, future mobility, batteries, emobility, grid, renewable energy, solar