Smart City Movers Get Innovation Boost

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16 July 2018

The first innovation loans have been offered to 13 businesses improving smart cities and transport and working on the challenges of accelerating urbanisation and climate change.

The global smart infrastructure market those businesses will be operating in is estimated to be worth £1.2 trillion per year by 2025.

The companies applied into a competition which looked for innovative businesses who could use the loan to scale up and commercialise new technologies. This is part of Innovate UK’s 2-year pilot loans programme, through which a total of £50 million is available.

 The first successful companies include:

• CitiLogik - analysing how people move to identify and analyse demand activity.

• G-Volution - dual-fuel engines that are cheaper, cleaner and greener.

• Alert Technology - the world’s first portable asbestos detectors.

• Alcove - assistive Internet of Things based technology for older adults.

• Catagen - catalyst emissions testing and simulation.

• Utonomy - pressure management to reduce gas leakage by up to 25%.

• 3-Sci - moisture monitoring system for corrosion under insulation.

• Lightfoot - connected car technology.

Innovate UK’s Executive Chair, Dr Ian Campbell, said: "Innovative businesses require innovative finance, so we’re excited about the opportunities innovation loans are now unlocking for UK businesses to lead the revolution in infrastructure, urban living, energy and connected transport.

"We’ve seen high levels of demand for this new, affordable, flexible and low interest finance option for innovation and we’re confident it will help potential UK businesses to scale up, create high-value jobs and ultimately accelerate economic growth and improve the quality of life across all regions."

To read more about Innovation loans - what they are and how to apply - Click Here

https://www.gov.uk/guidance/innovation-loans-what-they-are-and-how-to-apply

Picture: 13 businesses are developing innovative solutions for the UK’s urban infrastructure, energy and transport challenges.

Article written by Brian Shillibeer | Published 16 July 2018

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