Ethical banking specialist Triodos has this week launched a new green investment fund and is inviting applications for funding from clean tech firms looking to commercialise their products or services.
The company said the new fund utilises an Enterprise Investment Scheme (EIS) structure, which allows investors to back green companies in the most tax-efficient manner available.
It is expected to invest between £1.5m and £5m and is aiming to back companies with strong management teams operating in the areas of renewable energy, energy efficiency, water technologies, waste management or sustainable living.
Triodos EIS Green Fund Manager Gareth Zahir-Bill said that the clean tech sector continued to offer compelling opportunities for investors.
"It's a great time for investment in high growth green companies," he said. "Despite the challenging economic climate, sectors such as renewable energy, energy efficiency and waste recycling are resilient in the current recession and are often underpinned by government support mechanisms."
The bank said that it already had a pipeline of investments in place for the new fund and expects to announce its first deal shortly. But it added that it was still seeking further investments and was inviting clean tech firms to contact either the bank or its representatives at consultancy Carbon International.
The fund is now closed to new investors, but Triodos also announced that it is planning to launch a second green EIS fund this September.
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