Manchester chosen for climate tech hub to support hydrogen start-ups
A new initiative has been set up in Manchester to help North West hydrogen start-ups through a programme offering £1.5m of private investment.
It is hoped to find customers for the start-ups and land contracts worth up to £5m by the end of the accelerator scheme.
London-based Sustainable Ventures, Europe’s largest climate tech hub, has been chosen to deliver the government-backed hydrogen revolution in Manchester.
A partnership with CPI – an independent technology innovation catalyst based in Redcar, North East England – will help innovative hydrogen start-ups scale over 12 to 18 months.
The programme – commissioned by the Hydrogen Innovation Initiative consortium – will provide a template for future hydrogen investment and ideas.
The Government has identified hydrogen as a key sector which could unlock 12,000 jobs and £11bn of investment by 2030.
The new partnership will highlight the viability of hydrogen potential in the UK and make the North West a hydrogen hub.
This forms part of Sustainable Ventures’ expansion into the North West, with Manchester serving as the launchpad for its activities. Manchester is home to a thriving climate tech hub and the initiative will boost investment and green jobs in the region.
Sustainable Ventures was chosen because of its track record helping startups scale rapidly – so far it has supported more than 500 climate tech start-ups.
It has also worked with numerous government-backed bodies and local authorities to drive climate tech innovation, including the Greater London Authority, The Carbon Trust and the Liverpool City Region Combined Authority.
Start-ups in the Sustainable Ventures ecosystem have a survival rate of 85%, have raised £1bn in funding and have created more than 5,500 green jobs.
Andrew Ruffler, Northern Director, said: “We share the consortium’s belief that hydrogen is critical to decarbonising the most challenging areas of the economy and that it presents a huge opportunity for the UK, so we’re pleased to have been chosen to lead the delivery of this vitally important programme.
“We’ve been a trusted partner of government-backed bodies and local authorities for some time, and are really excited to expand this work into the North West.”
He added: “Climate tech innovation is happening all over the UK, not just in London.
“The North West is one of the most innovative regions in Europe, and this programme will accelerate its journey to become a leader in the fight against climate change while creating green tech jobs.”
Ian Smith, Head of Investor Partnerships at CPI, said: “Collaborations such as this bring together industry leaders and experts with a proven track record of successfully nurturing, growing and commercialising net zero companies. This collaboration will be key to developing the industry and provide highly paid, highly skilled jobs in the region.’’
