Its investment means the Clean Growth Fund has now raised more than two-thirds of its £100m target
The Strathclyde Pension Fund has committed millions of pounds of investment to a venture capital vehicle that backs promising, early-stage UK clean-energy technology companies.
The Strathclyde Pension Fund is one of the biggest local government pension schemes in Europe.
The £26 billion pension fund, which has more than 260,000 members, is investing £20 million in the Clean Growth Fund.
Its investment means the Clean Growth Fund, established in 2020 with cornerstone funding from the Department of Business, Energy and Industrial Strategy and investment manager CCLA, has now raised more than two-thirds of its £100m target.
The Clean Growth Fund aims to accelerate the commercialisation of clean growth technologies, create new employment opportunities, and contribute to the UK’s efforts to deliver net zero by 2050.
Till now, it has backed Piclo and Indra. While Piclo is a smart energy company, Indra, provides electric charging and energy storage solutions for home and commercial use.
Ian Jamison, its investment manager, said: There is a clear and certain need to invest to secure the arrest and reversal of carbon emission and climate change, and to support strong long term sustainable growth. We are delighted that Strathclyde Pension Fund recognises that the Clean Growth Fund can contribute to these objectives.
Beverley Gower-Jones, managing partner of the Clean Growth Fund, said: Strathclyde Pension Fund’s investment is further institutional validation of our deep sector knowledge to evaluate our strong pipeline of early-stage companies, our ability to ultimately accelerate the development of carbon emission reductions in the areas of power and energy, buildings, transport and waste and to deliver returns to our investors in line with the Fund’s objectives.
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