£20 million in grant funding for innovative projects to reduce the cost of deploying carbon capture, usage and storage technology is now available. The Department for Business, Energy and Industrial Strategy (BEIS) is looking to support the deployment of advanced carbon, capture, usage and storage (CCUS) technologies within the UK. Applications will open on 28 June 2021. You will have until 8 August 2021 to apply.
Up to £20 million grant funding will be available to:
- support innovation in novel CCUS technology increasing its technology readiness level (TRL)
- demonstrate and de-risk next generation CCUS technologies to allow it to deploy commercially from 2025
- reduce the cost of deploying CCUS and create competitive pressure on current available technology
Projects will be split into 2 lots:
- Lot 1 CCU: for projects primarily focused on developing technology for carbon capture and usage
- Lot 2 CCS: for projects primarily focused on developing technology for carbon capture and storage
Projects will be considered for grant applications of:
- up to £50,000 for industrial, waste or power sector companies performing analysis on next generation CCUS technology that are most suited to their site or industrial sector
- up to £1 million for projects developing and piloting mid-stage (TRL 3-5) CCUS technology
- up to £5 million for projects demonstrating late-stage (TRL to 6-8) CCUS technology at intermediate scale at site
Find out more about the CCUS Innovation 2.0 Competition
Remember, any innovative work undertaken in developing these initiatives could quality for R&D Tax Relief, meaning up to 33% back on your qualifying research and developments costs. Even loss-making companies may be able to exchange their losses for a payable tax credit. To find out more, contact your usual Beavis Morgan partner or a member of our specialised R&D Tax Relief team. beavismorganrandd.com