Sustainable Ventures, Europe’s largest climate tech hub, has been chosen to deliver a government-backed hydrogen revolution in Manchester.
A partnership with CPI – an independent technology innovation catalyst – will help innovative hydrogen startups scale over 12 to 18 months using £1.5 million of private investment. Sustainable Ventures will find customers for the startups and aim to land contracts worth £5m by the end of the accelerator scheme.
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 £11 billion 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 – it has supported more than 500 climate tech startups.
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.
Startups in the Sustainable Ventures ecosystem have a survival rate of 85%, have raised £1 billion 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.”
Ian Smith, Head of Investor Partnerships at CPI said, “CPI, together with the HVMC and the wider Hydrogen Innovation Initiative (HII) consortium are delighted to be able to partner with Sustainable Ventures to help startups scale up their ideas for the hydrogen industry. This collaboration will be key to developing the industry and provide highly paid, highly skilled jobs in the region.’’
