Lincolnshire Business Wins £40,000 Climate Change Innovation Prize

2010-02-12 12:34:47

A Lincolnshire based business with an innovative idea for tackling climate change on Wednesday, won an award of £40,000 from Shell Springboard, a programme designed to promote the growth of the low carbon economy in the UK.

Coningsby based Cress Energy Storage Systems received the financial boost for its energy storage system, designed for use on large vehicles, which captures energy lost when a bus or train brakes or a crane lowers a container.  The stored energy is then reapplied during the vehicle’s work cycle.

The Shell Springboard programme, which has awarded over £1.3 million to 35 UK small businesses since it launched in 2005, this year celebrates its fifth anniversary.  The programme encourages a positive business response to the challenge of climate change by providing a no-strings financial boost to ideas for innovative products and services that could help reduce greenhouse gas emissions.Rayner Mayer, Director at Cress Energy Storage Systems, said:  “We really believe our product can make a difference in the fight against climate change and it’s incredibly rewarding that such a well established programme as Shell Springboard has also recognised its potential.  The funding and recognition we received tonight will allow us to press ahead with building a working model that proves our claims of potentially high energy savings.” 

L to R: Lawrence Patrick with Cath Bethell & Rayner Mayer

More and more green entrepreneurs are looking for financial boost to take their business ideas to the next level, with research conducted by Vivid Economics for Shell Springboard indicating that the low carbon energy market could be worth £2,000 billion by 2030.

Professor Patrick Corbett, Head of the Energy Academy at Heriot-Watt University in Edinburgh and head of the judging panel said: “Over the last five years, Shell Springboard has given £1.3 million to thirty five small businesses like Cress Energy Storage Systems with innovative ideas for tackling climate change. It’s fantastic to see that the UK’s entrepreneurs continue to respond to the challenge of climate change, regardless of the economic climate and we wish Rayner and his team every success in moving forwards.”

Cress Energy Storage Systems competed against five businesses from across the UK on 10 February 2010 in Edinburgh.

Pulse Tidal Ltd from Sheffield also received an award of £40,000 for its innovative tidal power station design which can be used in shallower waters than its competitors thus opening up many new coastal locations.  The money will be used to progress its site development activities which will make the company more attractive to potential investors.