Energy scheme set to cut costs
Feb 23 2010 by Karen McLaughlan, Evening Gazette
A SUPPORT package aimed at helping Tees Valley firms cut millions from their costs and reduce energy use has been announced today.
The £5m energy efficiency capital grants scheme from One North East is part of a £65m package of new investment for the UK due to be launched at an event hosted by Lord Mandelson and Regional Economic Development Minister Rosie Winterton.
The project will save companies millions of pounds by helping them reduce energy demand, explore the potential of low carbon technologies as well as reducing the amount of potentially harmful CO2 emissions in the region.
The scheme will be targeted at energy intensive businesses in the Tees Valley particularly those in the process industry and their supply chains. Grants will help firms to invest in technology and energy management systems to provide real energy consumption reductions, make cost savings and make firms less susceptible to energy price volatility.
The funding will sit alongside the well-established Grant for Business Investment scheme, which is also being boosted to help secure new industrial investment to sustain and grow the Tees Valley economy.
The package is part of the Tees Valley Industrial Programme (TVIP) - a £60m investment over the next two years from One North East and the Department for Business (BIS) to support the area's industrial transition to low carbon and advanced manufacturing, which is expected to create an estimated 3,000 new jobs in the short to medium term and over 10,000 jobs in the long term.
The funding was originally drawn up for the process industry but confirmed as part of the Government’s response to the Corus crisis in December.
Last week Business Secretary Lord Mandelson announced funding totalling £3.8m for apprentices at Corus and businesses in the Tees Valley from the £60m pot.
TVIP funding was used to launch the £2.4m apprenticeship scheme and a £1.4m package of support to boost help for business start ups and existing firms in the Tees Valley.
Margaret Fay, chairman of One North East, said: “This funding will ensure the correct package of support is in place for businesses to take advantage of opportunities in low carbon development and help companies reduce energy bills.”
