Greengineering – a clean tech start-up on Innovation Birmingham’s Low Carbon Accelerator programme – will go up in the final of the ‘Best European Climate Venture 2014’ competition in Valencia, Spain on 30th and 31st October. A €65,000 prize fund will be shared between the winner and runners up placed second and third.
The prestigious competition forms part of Climate-KIC’s annual European Innovation Festival. Innovation Birmingham is one of 12 centres across Europe that delivers a range of activities to promote entrepreneurialism and innovation across the low carbon sector. During the summer, as the first stage of the Venture Competition 2014, Innovation Birmingham awarded a total of £100,000 to the best nine local start-ups on its Low Carbon Accelerator.
Greengineering’s ‘DrainMiser’ product range can substantially reduce the amount of fuel used for heating water, while also improving the performance of heat pumps. The innovative new systems are suitable for domestic and commercial use, in both new build projects, or for retrofitting. The short return on investment for the end user is what makes the product range so appealing.
Kenny Gallagher, Chief Technology Officer of Greengineering, commented: “Climate-KIC is a vital partner for Greengineering, and taking part in this competition will give us vital international exposure, networking and potential investment opportunities.”
Hero Prins, Director of Entrepreneurship at Climate-KIC said: “The Venture Competition is designed to spur innovation by giving the clean tech start-ups of the future the funding and support they need to succeed commercially. As a finalist, Greengineering represents one of the brightest prospects currently on our unique Accelerator programme, which supports over 120 start-ups across Europe every year. Making it to this stage is a fantastic indicator of the potential we see in their business.”
Greengineering has been developing its DrainMiser product range since the start-up was established in 2012. The Worcestershire-based family business has received research and development funding via Defra, Innovate UK (previously known as the Technology Strategy Board), as well as from Innovation Birmingham’s Low Carbon Accelerator fund.
Katharine Fuller, Innovation Birmingham’s Senior Project Manager for EU Projects said: “Early stage grant funding makes such a difference to start-up businesses. The timetable required for an entrepreneur to launch their product or service to market is critical, and the funding available through the European Climate-KIC initiative enables the best businesses starting up in the low carbon sector to receive a helpful grant.
Greenengineering has already been selected as one of 12 start-ups from across the nine Climate-KIC regions in Europe that will visit Silicon Valley in California during November’s Global Entrepreneurship Week. Three of the chosen start-ups are from the Innovation Birmingham cohort, illustrating the quality of the local companies.
The Climate Knowledge Innovation Community (Climate KIC) is the EU’s main climate innovation initiative, and was one of the first Knowledge and Innovation Communities (KICs) created by the European Institute of Innovation and Technology (EIT) in 2010. The EIT is the European Union body tasked with creating sustainable European growth and jobs while dealing with the global challenges of our time.
For more information, please visit innovationbham.five874.wpengine.com