Earlier this month, The Technology Strategy Board (TSB) announced that, via the ‘Low Impact Building Innovation Platform’, it would be investing £60 million into current construction energy projects currently in development.
These energy projects will also benefit from further investments of £60 million from industry individuals and organisations, and £30 million from government departments and agencies, resulting in a combined total of £150 million.
But how far will these investments stretch?
Along with the initial announcement, the TSB suggested that the investment will cover projects of different sizes in terms of money and prestigiousness. The TSB confirmed this by outlining the companies it intended to back. These range from smaller businesses like The Facility Architects, to huge organisations such as Skanska and Barratt Developments.
Numerous exciting and innovative projects that are being spearheaded by these companies include: the refitting of Victorian homes with energy efficient systems, the development of semi-autonomous equipment such as central heating pumps and lift motors that can tell operators when they need maintenance, and the development of a system of ‘near-site’ manufacture using modern ‘flying factories’, aiming at a 28 per cent reduction in construction cost per square metre and 30 per cent shorter programmes.
The announcement by TSB comes exactly a year after the launch of the UK government’s Industrial Strategy. Earlier this year the government published its Construction 2025 Strategy – which was outlined in its Industrial Strategy. The intention of the 2025 Strategy is to aid in the development of eco-friendly construction, overseas construction trade, and smart technology.
Vince Cable, Secretary of State for Business and Liberal Democratic politian, said: “The UK’s new and existing buildings must adjust to a low carbon economy. Investing in energy efficient construction projects is important to help industry and government achieve our aims of reducing greenhouse gas emissions by 50 per cent by 2025.
“The construction industry contributes almost £90 billion to the UK economy and supports around three million jobs. We are well placed to take advantage of new and emerging energy efficient technologies, commercialise them and then export them across the world.”