Industrial Energy Transformation Fund (IETF)
The Industrial Energy Transformation Fund (IETF) can provide vital funding to help your business become net zero. It launched in 2020 and provides grant funding to manufacturing organisations for energy efficiency projects that reduce fuel bills and carbon emissions.
Grants are available for businesses to undertake feasibility studies, engineering studies and energy efficiency projects and will cover at least 50% of the cost of these.
Under the scheme up to £315 million in funding has been made available in two phases:
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Phase one: For feasibility and engineering studies and for the deployment of industrial energy efficiency projects.
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Phase one Spring 2021: This phase saw up to £40 million of funding available for projects that support energy efficiency and decarbonisation studies. The second round of Phase one closed on 14 July 2021.
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Phase two: This phase expands the IEFT scope to additionally support feasibility and engineering studies and the deployment of industrial energy efficiency and deep decarbonisation projects. It will provide around £220 million in funding between Autumn 2021 and 2025.
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Phase two Spring 2022: This phase saw up to £60 million of grant funding available in the window for; feasibility and front-end engineering design studies, implementation of energy-efficiency technologies, and the deployment of deep decarbonisation technologies. The Spring 2022 phase closed on 29th April 2022.
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Phase Three of the scheme is coming in early 2024 with £185 million available
- Phase three will support businesses with high energy use to cut their bills and emissions through increased energy efficiency and reduce their emissions by decarbonising industrial processes.
- A consultation on the final design of Phase three is currently underway. A summary of the consultation findings will be published in Autumn 2023, ahead of the launch of phase three, which is intended for early 2024.
How can Equans help?
Equans can help you identify suitable projects and submit a comprehensive application for funding, including accurate efficiency and carbon-saving forecasts. We can then use this funding to deliver full feasibility or design studies or implement decarbonisation projects within the required timescales, helping you maximise the delivery of successful projects.
Your IETF partner
If you are interested in applying for IETF funding you need to act fast. There can be a considerable amount of work required up-front to gather data, estimate costings and forecast financial and carbon savings.
For many organisations, expertise and resources are often at a premium, so specialist support and advice is vital to unlocking new decarbonisation and energy-efficiency opportunities.
At Equans our solutions are integrated and carefully targeted to ensure the delivery of successful projects to help you achieve your specific sustainability goals.
Get in touch to find out how Equans can help you access IETF grant funding and support your long-term decarbonisation targets.