30 June 2008
Minister says innovation is vital as 'age of cheap power is
over'
Energy Minister Malcolm Wicks said: “The age of cheap power is
over - so there is an urgent need for more innovation in the power
industry, to keep control of prices, increase efficiency, ensure
reliability of supply and tackle climate change”.
His remarks came as he opened the Energy Innovation Centre at
Capenhurst, near Chester – a hothouse for new energy businesses and
technologies, which is expected to create 18 new companies and 60
jobs.
Mr Wicks added: “Britain is a nation of innovators as well as
entrepreneurs, but we often fail to bring the two together. The
Energy Innovation Centre is an excellent opportunity to target
investment on good ideas, which will generate a stream of valuable
new technologies.”
The Energy Innovation Centre is the brainchild of independent
power engineering specialist EA Technology, which is hosting the
Centre at its Capenhurst headquarters, and providing business and
technical support that fledgling companies need to turn their ideas
into commercial reality.
Financial support for members is allocated by a Dragon’s Den
style investment forum, representing four of Britain’s Biggest
electricity companies: Scottish and Southern Energy, ScottishPower,
CE Electric and Electricity North West. The NWDA and EA Technology
are also represented.
Enterprises can also become associate members, working off
site.
EA Technology Managing Director Robert Davis explained: “The
advantage of this approach is that the companies that are going to
buy and use the new technologies are directly involved in choosing
which ones to invest in and develop. That gives new members a real
flying start.”
Mr Davis also used the opening to launch a £1000 Grand Ideas
Reward scheme, offered to anyone who nominates an energy innovation
project which is subsequently taken up by the investment forum.
The Northwest Regional Development Agency is sponsoring the
Centre with a £1.5 million investment.
NWDA Board Member Peter Hensman said: “The energy industry
employs more than 50,000 people and is worth £5 billion per year to
the region’s economy. We are also the biggest energy users outside
London and the South East.
“The Energy Innovation Centre is an outstanding example of
co-operation between the private and public sectors, which will
stimulate more investment in the North West’s continuing tradition
of innovation and the advancement of new energy technologies.”
ends