Industrial Energy Transformation Fund (IETF) – Grant Funding

In February 2024, the new Industrial Energy Transformation Fund (IETF)  is being launched and your business could be eligible to receive this funding.

The IETF is a central government grant that is designed to help businesses like yours cut their rising energy bills and reduce carbon emissions through investment in low-carbon and energy-efficient machinery. With businesses of all sizes now facing added pressure to implement sustainable processes, now is the time to consider if grant funding could be beneficial in helping you achieve this.

The scheme has £185m in grant funding, so there can be generous cash investments for businesses like yours. The first application window closes on the 19th of April 2024. It is therefore important you seek our expert advice now so that we can start to work through the process of securing the grant funding. There will be two windows for application. It is therefore important you seek our expert advice now so that we can start to work through the process of securing the grant funding. You can contact our expert grants team to find out more. 

There are more details on application below:

The different categories to apply for IEFT are:

• Feasibility or engineering studies: to enable businesses to investigate identified energy efficiency and decarbonisation projects prior to an investment decision
• Energy efficiency deployment projects: technologies to reduce industrial energy consumption
• Deep decarbonisation deployment projects: technologies to achieve industrial emissions savings

Minimum / maximum expenditure:

• Feasibility studies: £30k to £14m
• Engineering studies: £50k to £56m
• Energy efficiency deployment projects: £150k to £47m
• Deep decarbonisation deployment projects: £107k to £60m

Required outputs:

• Feasibility or engineering studies: a study leading to a decision on a technological investment for study strand projects
• Energy efficiency deployment projects: measurable MWh saved for energy efficiency projects
• Deep decarbonisation deployment projects: measurable tCO2e saved for deep decarbonisation projects

Location:

Projects must be located in England and Wales at an existing site or a site relocation

The level of grant support is up to 50% for large businesses, up to 60% for medium businesses and up to 70% for SMEs.

Our grants team are highly experienced in working with grants of this nature and works with local businesses like yours to ensure grants are delivered and spent in the most effective way. Our skilled team will guide you through the entire process and have achieved a success rate of 90% from over 300 previous applications.

Our grants team have seen first-hand the impact grant funding can have on local businesses, helping them to diversify, expand and continue to improve our local community.

We are on hand to help with accessing this grant funding and would be happy to have a chat with you regarding your eligibility and the next steps.

There are of course specific criteria that need to be met, and terms and conditions to apply for this funding. You can contact our expert grants team to find out more.