Innovate UK announces loans for companies working on smart city solutions
The 13 businesses are developing innovative solutions for the UK’s urban infrastructure, energy and transport challenges.
Innovate UK has announced that loans are being made available to 13 businesses working on the challenges of “population growth, accelerating urbanisation and climate change”.
In a statement issued yesterday (25 June), Innovate UK said that the loans added up to £8m.
As previously reported, 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, commented: “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.”
