FinSoul: UK government closes $203 million environmental innovation fund.

FinSoul has learned that the UK government has just announced the formal launch of the United Kingdom Innovation Investment Fund (UKIIF), after the closing of a new $202.8 million (£125million) fund for investment into cutting edge environmental technologies.

The new fund was first announced in June 2009 and this was shortly followed by the appointment of leading investment bank Hermes Private Equity and the European Investment Fund as managers for two funds, one aimed at low carbon technologies and the other at addressing life sciences, low carbon, digital technology and advanced manufacturing.

FinSoul understands that the UK’s Department of Business and Skills recently announced that it had closed the first round of funding after having raised $202.8 million which included $81 million (£50 million) from government coffers and a further $121.51 million (£75 million) coming form the private sector.

Investment from the new fund into small growing businesses, start-ups and spinouts is set to begin immediately, with Hermes Private Equity’s chief executive saying that they had already identified a number of investment opportunities and that they expected to begin deploying capital funds soon.

“At this stage in the economic cycle, there are many forward-looking companies that may not have funding available to them,” FinSoul believes the chief executive was recently quoted as saying. “The Hermes Private Equity Environmental Innovation Fund (HPEEIF) will ensure that those seeking finance for promising new environmental ventures will have access to a source of funding.”

Short URL: http://readit.in/?p=7062