Aviva has invested in UK venture capital fund the Clean Growth Fund, which in turn is investing in early-stage clean technology ventures.
The Clean Growth Fund was established in 2020, with cornerstone funding from the Department for Business, Energy and Industrial Strategy and investment manager CCLA. It has since also secured funding from Strathclyde Pension Fund.
The new funding from Aviva will support the Clean Growth Fund in its goals of accelerating the commercialisation of clean growth technologies, creating new employment opportunities across the UK and contributing to the UK’s efforts to deliver net zero by 2050.
Ben Luckett, chief innovation officer at Aviva, said the company has seen strong growth in sustainability focused start-ups.
“Our investments will help build upon our knowledge of this space and enable us to continue meeting our customers’ changing needs.”
Companies to have already received investment from the Clean Growth Fund include Piclo, which received £1.5 million in 2020 to further its work to decarbonise electricity grids, and electric vehicle (EV) charging firm Indra.
"Directing capital into clean tech investments is an absolute necessity if the world is going to have the commercialised and implementable solutions that it needs to address climate change and align with net zero," Beverley Gower-Jones, managing partner of the Clean Growth Fund, said.
The Clean Growth Fund is to close for investment by the end of March 2022.