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The cash boost, which extends Regen SW's funding by two years until March 2011, comes from the South West RDA, which has now invested more than £5.3 million in Regen SW since 2002.
The extra money will allow Regen SW to deliver a new business plan designed to beef up its support to businesses, including the marine energy sector.
It will also look at speeding up the transition to a low-carbon economy in the South West by unlocking sustainable energy opportunities, accelerating the uptake of the region's renewable energy resources, and championing initiatives that reduce energy demand.
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Jonny Boston, energy manager at the South West RDA, said: "This further investment in Regen SW forms a vital part of our commitment to developing a low-carbon economy, by unlocking the business potential of the sustainable energy sector. Regen SW has helped put the South West on the map in terms of renewable energy, and will continue to play a significant role in helping the region reap the benefits of harnessing its substantial renewable energy resources."
Regen SW already works to develop all aspects of the sustainable energy industry in the region, but is particularly focused on assisting the growth of sustainable energy businesses in the region. It does this by providing services that include brokering new business through a supply chain service, providing specialist advice on policy and funding, promoting the sector's capability inside and outside the region, and encouraging inward investment from businesses new to the region.
The South West's sustainable energy sector is worth over £500 million a year to the regional economy, supporting in excess of 7,200 jobs.
The renewable energy sector alone has seen a massive 37% year-on-year growth in employment over the last three years. Regen SW will be working to support this trend of rapid growth, as national and international efforts to address the twin threats of climate change and energy security become ever more intense.
(JM/BMcC)
