Tag, Poke and Follow
to your heart's content.
Low Carbon Innovation Fund - Investment into the Creative Industries
Published: 05th November 2013.
The Low Carbon Innovation Fund (LCIF) provides investment for and stimulates investment in SME’s in the East of England. The fund is a Venture Capital fund with £20.5m from the European Regional Development Fund (ERDF) and is open to applications from the Creative Industries.
The Fund was launched in 2010 and is based at the Adapt Low Carbon Group at the University of East Anglia and is managed by Turquoise International. So far the fund has invested over £7m into companies working in a range of sectors such as lighting and renewable energy, which attracted a further £23.7m of private co investment. The fund will invest over £20.5m European Regional Development Fund money alongside £30m private investment by 2015. It is the largest ERDF fund in the East of England.
The fund can invest between £25k and £750k and makes equity investments or loans convertible to equity. Investment from LCIF must be matched with at least 50% of private co investment.
The fund’s remit is to support growing companies that are contributing to carbon reduction through a focus on resource efficiency, process efficiency and waste reduction,
LCIF funded its first creative industries project this summer – a film of a live performance of the popular Benjamin Britten opera Peter Grimes in the unique setting of Aldeburgh beach. The film was made by Suffolk-based production company Grimes on the Beach Film Limited, which received investment from LCIF for their innovative low carbon production of the feature film Peter Grimes on Aldeburgh Beach.
The producers adopted new and innovative low carbon ways of working during all stages of the filmmaking process. It is the first feature film to use a carbon foot printing tool managed by BAFTA called ‘Albert’, which tracked the production. By taking simple steps such as using re usable water bottles, streamlining transport and using biofuel generators the production was able to reduce its carbon footprint by 50%.
LCIF’s support of the filming of this much loved opera will allow Peter Grimes on Aldeburgh Beach to be shown theatrically and on television, sold on DVD and by download, bringing the opera and this special performance in a unique setting to a much wider audience for years to come.
Recentworks and MJW Productions first approached LCIF in October 2012 to raise funds for the production of Peter Grimes on Aldeburgh Beach. LCIF was impressed by the quality of the idea and talent alongside the innovative ideas the producers had to lower their carbon footprint through changing typical techniques in the pre-production, production and post-production phases of the film. This production changes standard procedures within the film industry and will become a useful model to replicate across the industry.
Peter Grimes on Aldeburgh Beach was shown in over 100 cinemas on 5th September and will be shown on television in the Autumn. It will also be available on DVD and by download.
For more information about the fund go to www.lowcarbonfund.co.uk