TSB to invest £30million in more collaborative R&D

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The Technology Strategy Board is to invest up to £30million in five research and development competitions as part of a £1billion funding programme being rolled out to support UK business and to drive technology enabled innovation. The competitions, scheduled to open in May and June, are designed to accelerate the development of innovative technologies in a range of areas. One competition is designed to speed the rate at which new innovations in the energy supply chain can enter the market.

Iain Gray, TSB chief executive, pictured, said: "Our programme of investment in innovative technology is already paying dividends for the UK, with many of the companies that we have supported moving through the innovation process and making ready to take their new products to market. "This Spring's investments will build on our ongoing programme of support for UK business, whether that be through competition processes, or the range of activity that we engage in to foster collaboration and knowledge sharing in a wide range of technology areas and business sectors across the UK." The five competitions are: Building Performance Evaluation; Design for Future Climate; Nuclear Power Technology; Economic and Business Modelling and Social and Behavioural Studies; and Smart Meters and Smart Grids. The latter competition will provide up to £5m for collaborative research, development and demonstration in smart grids and smart meters. The money will help to develop and trial new business propositions for how a smart meter can be integrated with communications into a system within the home in a way which can impact on the management, supply and reduction in usage of energy. The competition opens on 10 May 2010.