Sustainability matters: Using NPIF II to build a more sustainable future

By embracing sustainability, companies can not only contribute to a healthier planet but also unlock a wealth of opportunities for innovation, growth, and long-term success. Sustainable businesses are not only adapting to the future – they’re also shaping it. By prioritising environmental responsibility and integrating sustainable practices into their business, these forward-thinking companies are leading the way in the face of climate change.

The Northern Powerhouse Investment Fund II (NPIF II) exists to address the challenges faced by business owners in the North, focussed on three key investment pillars: the green economy, underserved areas, and innovation. Since the launch of the Fund, NPIF II has collaborated with many industry-leading businesses who are championing sustainability and working to create a greener future for all.

Building businesses that are fit for the future

In today's evolving world, consumers are increasingly aware of the environmental and social impact of their purchasing decisions, as well as the decisions made by the businesses they’re purchasing from. By embracing sustainable practices, businesses can not only contribute to a healthier planet but also gain an advantage in the increasingly competitive marketplace.

Sustainability initiatives can foster innovation and drive efficiency within organisations. By exploring renewable energy sources, implementing waste reduction strategies, and adopting circular economy principles, businesses can unleash new opportunities for growth and create a more resilient future for themselves and the communities they serve.

Building businesses that are fit for the future requires a forward-thinking approach that extends beyond sustainability best practice. By implementing eco-friendly initiatives, like using local suppliers, lowering plastic use or reducing water waste, businesses can reduce their operating costs, enhance their brand image, and attract environmentally conscious consumers.

However, for many businesses, the move to becoming more sustainable can be a costly endeavour, meaning some struggle to make the transition. That’s why it’s essential that every business has the right funding and support to help guide them through this journey. As one of NPIF II’s key pillars, we’re helping to close this funding gap for forward-thinking Northern entrepreneurs.

How NPIF II can support sustainable growth

Many of the Northern businesses we have supported through NPIF II funding are already driving sustainability practices, with impact stretching beyond just the North. Power Roll, based in Durham, received £1.5 million from NPIF II – Maven Equity Finance to support the development of its innovative solar technology. Its ultra-low cost and lightweight flexible solar film can be used on various surfaces, including rooftops that cannot support traditional solar panels. By providing an alternative to traditional solar panels, Power Roll is helping business owners and homeowners alike to access renewable energy sources where they previously wouldn’t have been able to. A prime example of innovation that is not only creating high-skilled jobs in the North East economy, but also supporting the UK’s journey to net zero.

Cumbria-based ScrubMarine, which received £200,000 from NPIF II – Praetura Equity Finance, is tackling the issue of biofouling on marine vessels. Its technology helps to reduce fuel consumption by preventing the buildup of organisms on ship hulls. By minimising biofouling, ScrubMarine aims to not only significantly reduce fuel costs, helping to drive operational efficiency for the marine industry, but also helps to reduce emissions in the industry, which is integral to ensuring the shipping industry can continue to reduce its environmental impact.

LBM Group in Northumberland, supported by a five-figure loan from NPIF II – NEL Smaller Loans, is specialising in solar PV technology. Its focus on installing battery storage and electric vehicle charging points further demonstrates how NPIF II is actively supporting businesses that are driving the transition to a net-zero economy in the UK.

These are just a few examples of how NPIF II is providing the essential funding needed for businesses to adopt more sustainable practices, whether through the work they do or by improving the efficiency of their operations.