The Industrial Energy Transformation Fund (IETF) aims to transform the way the industry sector consumes energy by helping companies with high energy use cut their bills and reduce carbon emissions. It was announced in Budget 2018 as a 315 million GBP fund and is delivered in 2 phases:
• Phase 1, now closed, offered 70 million GBP of funding for companies in England, Wales and Northern Ireland.
• Phase 2, with the remainder of the funding, launches in 2021.
The Phase 2 budget is allocated across 4 competition windows, worth a combined 220 million GBP.