Hertfordshire Business Wins £40,000 Climate Change Innovation Prize
2009-02-25 12:26:01
A Hoddesdon based business with a big idea for tackling climate change has won a Shell Springboard award of £40,000 giving the business a valuable boost in a programme designed to promote the growth of the low carbon economy in the UK.
Juice Technology Ltd received the award for its range of ultra efficient LED lights that promise to reduce energy consumption by up to 90 per cent compared to current incandescent light bulbs, and are a third more efficient than compact fluorescent lamps.
In contrast to many LED light systems, this lighting is flexible, practical, affordable and useable for a wide variety of purposes and places. It can be used in shop displays, offices, kitchens and the living room, and even includes a unique dimming feature currently not available with any similar products. It also has a long life and minimal electrical waste, unlike compact fluorescent lamps which contain mercury.
Shell Springboard gives a financial boost to innovative, commercially viable business ideas that tackle climate change. The programme encourages a positive business response to the challenge of climate change by providing a no-strings financial boost to small ideas with innovative products and services that could help reduce greenhouse gas emissions and really make a difference.
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| Left to Right: Cllr Eliza Mann, Peter Lyne, Duncan MacLoed, Ian Turner & Karen Lawrence |
Ian Turner, Director of Juice Technology Ltd, said: “We’re absolutely delighted that an independent group of judges has recognised the value of our ambition to deliver significant energy savings through world leading lighting goods. The award will allow us to develop our cutting edge product for EU markets and give it the marketing support it needs to raise consumer awareness.”
Duncan Macleod, VP Hydrogen & GTL, Shell International Ltd said: “Congratulations to Ian Turner and Juice Technology Ltd. Their LED light systems, which have genuine commercial potential, could have a significant impact on the UK’s carbon emissions. It’s this kind of cutting-edge innovation that has made the UK a world leader in low carbon technology investment. In a difficult economic climate, it has become more important than ever that we continue to foster such independent entrepreneurialism which is so crucial to the UK economy in the long term.”
According to Shell Springboard’s Race Against the Carbon Pound report the UK’s ‘green’ companies attracted over £1billion of venture capital and private equity investment in 2007: 41% of the EU total. This makes the UK the European leader when it comes to attracting venture capital and private equity investment in low carbon technologies, second only to the United States worldwide.
Juice Technology Ltd competed against eight businesses from across the region on 24th February 2009 in London and will now compete to be named as the overall UK winner in London on the 3rd of March.
Ma (Innovation) 2T4 Ltd, based in Essex, and Alertme.com Ltd from Cambridge also received awards of £40,000, and will go forward with Juice Technology Ltd to the UK final on the 3rd of March.