Month: June 2020

Turquoise announces first investment from new Low Carbon Innovation Fund

Turquoise, the London-based merchant bank specialising in energy, environment and efficiency, has announced its first investment through the second Low Carbon Innovation Fund (LCIF2).

The equity investment, part of the final round of fundraising for Natural Resources Limited (NRL), will support licencing of the company’s process technology for the production of packaging made from paper pulp. An alternative to existing packaging materials with highly sustainable end-of-life characteristics, the containers are energy efficient, fully recyclable and cost-competitive.

With the potential to significantly lower the carbon intensity of packaging, NRL aims to commercialise a viable, functional solution to support the transition towards a circular economy. The company is working with its licensee to make fibre-based packaging available at scale to meet the requirements of leading brand owners in the global packaging sector.

Ian Thomas, managing director at Turquoise International, commented: “Announcing our first investment through LCIF2 is a noteable milestone. As manager of the first Low Carbon Innovation Fund (LCIF1) we were able to participate in the development of a variety of world-class clean technologies. We hope to continue that work with LCIF2 and look forward to continuing to support the UK’s ground-breaking low carbon technologies.”

Managed by Turquoise, LCIF1 invested £20.5m in 46 companies as part of funding rounds worth over £76m, followed when required by support on the path to commercialisation including engagement with significant strategic investors and customers.

LCIF2 intends to extend and improve on the original Low Carbon Innovation Fund programme, investing an additional £11m with the expectation to lead or otherwise help complete funding rounds worth over £40m.


LCIF2 is a venture capital fund making equity or convertible loan investments in eligible small to medium sized businesses (SMEs) across Norfolk, Suffolk, Cambridgeshire, Peterborough and Hertfordshire developing products and services which will have a beneficial environmental impact.

LCIF2 is funded by the European Regional Development Fund (ERDF) following a successful bid by Norfolk County Council and the University of East Anglia (UEA). ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.

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