125k additional funding to help develop innovations that shift UK electricity use to off peak times
Dynamic Demand Challenge, a call for innovative solutions for dynamic electricity demand management. The challenge is working with Climate-KIC's Open Innovation Slam and aims at ensuring electricity demand is shifted from peak and off peak periods, and importantly towards times when electricity from renewable energy is available.
Run by Nesta's Centre for Challenge Prizes, and supported by the National Physical Laboratory (NPL) Centre for Carbon Measurement, Climate-KIC and the National Grid, the challenge will develop and ultimately fund the best idea for managing electricity demand.
The funding from Climate-KIC will allow applicants with ideas to develop them into close-to-market products. In particular it will provide the funding for shortlisted entrants to test at the world leading measurement facilities at The Centre for Carbon Measurement at NPL and to receive assistance from experts to build their ideas at Imperial's Faculty of Engineering, Design Engineering Group and the Imperial College Business School.
Following this, the entries and their business plans will be assessed by the judging panel and a prize of £50,000 (which is separate from the £125,000 Climate-KIC funding) will be awarded to the solution that demonstrates the most significant impact.
Jane Burston, head of the Centre for Carbon Measurement at the National Physical Laboratory said:
"Climate change and a secure, clean energy supply are two of the biggest challenges of our time. Balancing demand is a critical step in supporting the shift in supply towards renewable generation. This will only be successful with engaging tools and technologies we want to use in our homes and offices. The support from Climate-KIC will help to develop such tools by ensuring that all the ideas submitted to the Challenge are tested and measured in leading facilities by experts. The result will be a range of products and prototypes that are close to market-readiness and of interest to investors and buyers."
Mary Ritter, Chief Executive Officer, Climate-KIC, said:
"Climate-KIC plays an important role in bringing potential end users in direct contact with suppliers of climate innovations. Our funding will help applicants to the Dynamic Demand Challenge to test and refine their work. We're delighted to fund this challenge as ultimately, our goal is to commercialise innovative climate change products and services that have real impact on climate change mitigation and adaptation."
Constance Agyeman, development manager, Nesta's Centre for Challenge Prizes, said:
"The £50,000 prize will deliver a significant boost to the prospects of the winning idea. However, thanks to the funding from Climate-KIC and the expert support from Imperial and NPL that this will provide, most of the finalists should have developed their ideas to the point that it is attractive option for buyers or investors."
Provided by National Physical Laboratory