A Nantwich firm has been awarded £100,000 from the £50 million Northern Powerhouse Investment Fund.
ToughTech Ltd is one of a number of companies to earn funding to help them reduce their carbon footprint and develop innovative solutions to tackling the climate emergency and reaching net zero.
The firm develops tyre pressuring monitoring systems.
One of the benefits of the firm’s technology is to extend tyre life, improve fuel efficiency and increase safety with constant monitoring.
The firm has continued to grow rapidly and now has clients based across Europe, Africa, Australia and America.
In total, 45 businesses have been helped by the fund in their mission to drive the UK’s net-zero and wider sustainability agenda forward.
The NPIF is working with fund managers, combined authorities, local enterprise partnerships, growth hubs and regional stakeholders to deliver the funds.
The UK Government has agreed a revised target of reducing national emissions by 78% by 2035, which will be enshrined in law by the end of June 2021.
A 2019 report from NP11, produced by KPMG, predicted businesses in the North could reduce the region’s carbon emissions from 50% by 2032 against 2005 levels.
Meanwhile, green jobs creation across the area is mapped at 100,000 in the same period.
Catherine Lewis La Torre, CEO at British Business Bank, said: “The low carbon and renewable energy economy is a priority for the Bank’s regional funds as we continue with our efforts to support businesses across the North and Midlands to build back better.
“The economic benefits are clear, with companies in the space making significant contributions to the UK’s GVA and employment rates.
“From supporting innovation and business growth, to expanding geographically or recruiting new people, NPIF and MEIF are here to support low carbon businesses that are taking the UK one step closer to achieving its goals around net zero.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
