Turquoise International, a specialist merchant bank focusing on energy, environment and efficiency, has been appointed as fund manager for Low Carbon Innovation Fund 2 (LCIF2). Following the success of the first Low Carbon Innovation Fund, also managed by Turquoise, LCIF2 will invest venture capital alongside private sector investors in a range of businesses delivering low carbon technologies.

LCIF2 is supported by £11m of capital from the European Regional Development Fund (ERDF) to be invested alongside at least the same amount from private investors. Investment sizes will range up to £1m, including follow-ons. The original Low Carbon Innovation Fund, managed by Turquoise, supported more than 70 companies and generated over £68m of investment in the East of England region.

Ali Naini, managing director of Turquoise International, said: “Turquoise was selected to manage the original LCIF initiative and was privileged to see some world-class clean technologies being developed by investee companies. We are committed to continuing to support new, ground-breaking technologies through LCIF2.”

Further information on Turquoise is available at https://www.turquoise.eu/ and on the first Low Carbon Innovation Fund at https://www.lowcarbonfund.co.uk/home.