To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to provide early stage patient capital support to develop deep tech in relation to (a) medical devices and (b) energy efficiency.
As part of our Industrial Strategy, we are unlocking over £20bn of patient equity investment through a 10-year Action Plan. British Patient Capital (BPC), part of the Government-owned British Business Bank (BBB), has available resources of £2.5bn with which it aims to attract a further £5bn of private sector finance. British Patient Capital will help to support innovative UK SMEs with high growth potential to access the long-term finance they need. This patient investment is available to support emerging science and technologies across the UK.
BBB’s patient capital finance support is sector and technology agnostic and is drawn through on a demand-led basis by investment funds on the basis of proposals to BPC Ltd for support.
On energy efficiency, the department will be investing £20 million to be at least match-funded by private investors in a new venture capital fund. This Clean Growth Fund will support the development and commercialisation of innovative clean technologies in the UK.