Clean Growth Fund Backs UK Climate Tech to Slash Scope 3 Emissions
The Clean Growth Fund (CGF), a £101m venture capital fund, is backing UK climate tech companies to reduce Scope 3 emissions. Since its 2020 launch with cornerstone investments from CCLA and the UK Government, CGF has invested in 16 companies, employing 479 people across the UK.
CGF focuses on innovations that significantly abate CO2-eq per year, typically investing between £500k and £3m during Seed or Series A stages. Three notable companies in its portfolio are Holiferm, Sunswap, and FutraHeat.
Holiferm uses eco-friendly ingredients to manufacture personal and home care products, opening its first commercial plant in Wallasey, Liverpool. Sunswap's zero-emission transport refrigeration unit reduces emissions by up to 93% and is in use with UK logistics companies. FutraHeat is developing a high-temperature heat pump for industries, targeting applications in the 100°C - 200°C range responsible for over 3% of global emissions.
CGF's remit is to drive superior financial returns and accelerate the development of the UK climate tech sector. It plans to establish a second climate tech investment fund within the next 18 months, with Strathclyde Pension Fund, Scottish Enterprise, and Codebase anticipated to support its expansion in 2025.
CGF's investments in innovative climate tech companies like Holiferm, Sunswap, and FutraHeat are expected to significantly reduce Scope 3 emissions. With plans to establish a second fund, CGF continues to support the growth of the UK's climate tech sector, driving both financial returns and environmental impact.
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