Low Carbon Innovation Fund (LCIF), managed by Turquoise, invests in early-stage companies making measurable reductions in Greenhouse Gas Emissions via the development of new technologies.
The Low Carbon Innovation Fund (LCIF) is a dedicated early-stage venture capital fund driving the growth of climate-positive businesses in the East of England. Managed by Turquoise International, a London‑based merchant bank specialising in energy, environmental, and efficiency sectors, LCIF supports startups developing measurable greenhouse gas reduction solutions.
Founded in 2010 (LCIF 1) and relaunched in 2021 as LCIF 2, the fund is backed by the European Regional Development Fund (ERDF) and the UK Government (Department for Levelling Up, Housing & Communities). It invests via equity or convertible loans across climate tech segments such as clean energy, smart systems, sustainable transport, and resource efficiency. LCIF’s investment ticket sizes go up to £450 k, and it co-invests alongside private sector partners.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, is dedicated to accelerating the transition to a low-carbon economy by investing in innovative companies that deliver measurable reductions in greenhouse gas emissions. LCIF’s mission is to support the people, ideas, and technologies that will drive meaningful environmental change and create a more sustainable future for communities and industries.
Goals
The LCIF aims to:
Values
LCIF’s core values are rooted in responsible investment, integrity, and a commitment to long-term environmental stewardship. The fund believes that sustainability and commercial success are mutually reinforcing, and only supports companies whose solutions have the potential to deliver significant, measurable climate impact. Internally, LCIF fosters a culture of openness, fairness, and collaboration, uniting its team and partners around the shared goal of driving positive change.
The fund upholds the highest standards of ethical and responsible conduct throughout its operations, with robust governance and a strong commitment to integrating environmental, social, and governance (ESG) considerations into every stage of the investment process. LCIF maintains strict exclusion policies, avoiding sectors such as fossil fuels, tobacco, arms, gambling, and activities linked to deforestation, and requires portfolio companies to uphold high standards of governance and environmental responsibility.
These principles are reflected in LCIF’s commitment to supporting not only commercial ventures but also broader community and industry initiatives that advance positive environmental outcomes. As a public-private partnership, LCIF works closely with local authorities, universities, and private sector co-investors to ensure that purpose and impact are at the heart of every investment decision, helping to build a sustainable, low-carbon future for the region and beyond.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, was established in 2010 as a pioneering co-investment venture capital fund dedicated to supporting small and medium-sized enterprises (SMEs) developing technologies that deliver measurable reductions in greenhouse gas emissions. LCIF was created through a partnership between Turquoise International, the University of East Anglia (UEA), and Norfolk County Council, with funding from the European Regional Development Fund (ERDF) and support from local enterprise partnerships in the East of England.
Ali Naini, co-founder and Managing Director, has played a pivotal role in shaping Turquoise’s strategy and the development of LCIF. With a background in project finance, venture capital, and clean technology, Ali has overseen the fund’s investment activities and its impact on the climate tech sector. Ian Thomas, co-founder and Managing Director, has contributed significant expertise in investment management and business development, helping to build Turquoise’s reputation as a leading adviser and investor in climate innovation. Francis Wright, co-founder and Managing Director, has supported the growth of Turquoise and LCIF through his experience in finance and technology commercialisation.
The founding team’s combined vision and leadership have established LCIF as a key player in the UK’s climate tech investment landscape. Their commitment to supporting entrepreneurs with capital, expertise, and a collaborative culture continues to drive the fund’s mission to back the people, ideas, and technologies that will deliver a sustainable, low-carbon future.
Explore the founders’ professional journeys: Ali Naini LinkedIn, Ian Thomas LinkedIn, Francis Wright LinkedIn.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, invests in early-stage and growth companies developing innovative technologies and solutions that deliver measurable reductions in greenhouse gas emissions. The fund’s primary objective is to support scalable innovations that drive significant environmental impact, enabling the transition to a low-carbon economy and fostering sustainable growth across industries and communities.
Geographic Scope
LCIF primarily invests in small and medium-sized enterprises (SMEs) based in the East of England, with a focus on supporting regional innovation hubs and companies operating or deploying their solutions within this geography. While the fund’s core activity is centred on the East of England, it also considers investments in businesses with broader relevance and scalability across the UK.
Sectors of Interest
LCIF invests across a range of sectors, prioritising companies that address climate and environmental challenges at scale. Key areas of focus include:
LCIF’s investment strategy is designed to back companies with the potential to deliver both commercial success and meaningful environmental benefits, supporting the UK’s and Europe’s transition to a sustainable, low-carbon future. The fund’s portfolio includes businesses in energy storage, sustainable construction, water quality, and green electronics, exemplifying its commitment to impactful climate innovation.
To be considered for investment, companies must meet the following criteria:
These criteria ensure that LCIF backs companies capable of delivering both commercial success and meaningful environmental benefits, supporting the transition to a low-carbon economy.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, follows a rigorous, multi-stage assessment process designed to identify and support high-potential, low-carbon ventures. The process begins with an initial screening to evaluate alignment with LCIF’s goal of backing companies that deliver measurable greenhouse gas reductions and environmental impact. Key factors assessed include the strength of the business plan, the calibre of the founding team, technology readiness, and the potential for commercial growth.
Following the initial review, the investment team engages directly with founders to understand their business model, growth strategy, and funding requirements. Companies that progress beyond this stage undergo comprehensive due diligence, including technical validation of the product or service, market analysis, financial review, and legal assessment. The investment committee then rigorously evaluates each proposal, often consulting external experts to validate the technology, scalability, and carbon savings potential.
This thorough and iterative process ensures that LCIF invests in companies with strong potential for lasting environmental and commercial impact, supported by the fund’s sector expertise and regional network. LCIF integrates environmental, social, and governance (ESG) considerations throughout the investment lifecycle and maintains strict exclusion policies, avoiding sectors such as fossil fuels, tobacco, arms, gambling, and activities linked to deforestation. Portfolio companies are required to uphold high standards of governance, social responsibility, and environmental stewardship, with ongoing monitoring and support to embed best practices in sustainability and reporting.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, has invested in a diverse portfolio of companies that are advancing the transition to a low-carbon economy. Each portfolio company is selected for its potential to deliver significant environmental impact, with a focus on sectors such as energy storage, sustainable construction, water quality, and green electronics. Some of the most notable and operational portfolio companies include:
RheEnergise
RheEnergise is pioneering High-Density Hydro® energy storage, a novel form of pumped hydro that uses a fluid 2.5 times denser than water. This technology enables energy storage on smaller hills, making it more widely deployable and cost-effective than traditional pumped hydro. RheEnergise’s solution supports the integration of renewable energy into the grid and has recently secured a £2.15 million grant from the European Innovation Council to accelerate commercial deployment. The company is actively developing projects in the UK and internationally, and its demonstrator site in Devon is nearing completion. Visit RheEnergise.
Adaptavate
Adaptavate develops low-carbon building materials, including Breathaboard, a bio-based plasterboard that absorbs carbon dioxide and offers a sustainable alternative to traditional gypsum-based products. Breathaboard has been successfully trialled on major UK commercial sites and meets international industry standards. Adaptavate recently raised £2.7 million in a pre-Series A round to scale up production and expand its market presence across Europe. The company’s innovations are helping to decarbonise the construction industry and promote healthier buildings. Visit Adaptavate.
ANB Sensors
ANB Sensors specialises in calibration-free pH sensor technology for water quality monitoring in challenging environments, including deep ocean and industrial applications. Their robust sensors are used in aquaculture, oceanography, and environmental monitoring, supporting efforts to model and mitigate the impacts of climate change. ANB Sensors has achieved commercial sales across four continents and continues to expand its product portfolio and market reach with support from LCIF. Visit ANB Sensors.
Discover more successful investments: Turquoise Portfolio.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, is supported by a combination of public sector partners and private sector co-investors. LCIF is a co-investment venture capital fund, primarily funded by the European Regional Development Fund (ERDF) and backed by local government authorities including New Anglia Local Enterprise Partnership (LEP), Hertfordshire LEP, and the Cambridgeshire and Peterborough Combined Authority. These public sector contributions are matched by private sector investment from founders, angel investors, and other funds, enabling LCIF to leverage significant additional capital for climate-focused innovation in the East of England.
Key sources of capital include ERDF funding, local government support, and private sector co-investment, with the fund operating under the authority of the UK’s Department for Levelling Up, Housing and Communities. LCIF’s structure enables it to invest alongside private investors, ensuring that each investment round is matched by at least 50% private capital. The fund is managed by Turquoise International, a specialist in energy, environment, and efficiency investments, in partnership with the University of East Anglia and Norfolk County Council. This collaborative structure provides scale, stability, and credibility to LCIF’s investment platform.
The LCIF team, comprising experienced professionals in venture capital, finance, and technology commercialisation, plays a central role in sourcing opportunities, conducting due diligence, and supporting portfolio growth. LCIF’s blended funding model, combined with deep sector expertise, enhances its capacity to invest in companies developing technologies, products, or services that deliver measurable reductions in greenhouse gas emissions. The fund’s track record includes over £30 million of ERDF funds invested, more than £100 million of private finance leveraged, and support for over 80 companies in the region.
Stages:
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, invests across the early-stage venture capital lifecycle, supporting start-ups, early-stage businesses, and companies entering or already generating revenue. The fund provides flexible capital to support the development and scaling of high-potential low-carbon businesses, with the ability to follow on into later growth stages. LCIF’s investment approach allows for continued support as portfolio companies mature and expand.
Equity:
Investments are typically made on an equity basis, with LCIF able to provide direct equity finance or convertible loans. The fund co-invests alongside private sector investors, matching up to 50% of the total investment round. Investment sizes vary by stage:
Funds:
LCIF operates as a dedicated venture capital fund, with over £100 million in total value, targeting small and medium-sized enterprises (SMEs) developing or deploying environmentally beneficial technologies. The fund is structured to support companies that can demonstrate measurable greenhouse gas savings, with a focus on energy and resource efficiency, renewable energy, and clean technology. LCIF does not use public market vehicles such as VCTs or EIS, but instead operates through private and public sector co-investment structures.
Recent Developments:
LCIF has continued to expand its platform and sector reach, investing in a wide range of climate tech companies across the East of England. The fund has supported over 80 companies, brought more than 100 new products and technologies to market, and achieved annual carbon savings of over 10,000 tons. Recent activity includes investments in innovative businesses such as Archipelago Technology Group and Net Zero Now, with co-investment from private sector partners and other funds. The LCIF team leverages its expertise and network to provide capital, strategic guidance, and operational support to founders, helping them scale their impact and drive the transition to a low-carbon economy.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, is deeply committed to delivering measurable environmental and social impact alongside strong financial returns, embedding responsible investment principles across its portfolio and operations. The fund’s mission is to back companies that deliver significant reductions in greenhouse gas emissions, supporting the transition to a low-carbon economy and a more sustainable future.
LCIF measures and reports impact through a robust framework that aligns with international standards, including the United Nations Sustainable Development Goals (SDGs). The fund actively engages with portfolio companies to monitor and improve their environmental performance, with a particular focus on quantifying and reducing greenhouse gas emissions. LCIF provides portfolio companies with guidance, tools, and expertise to help them achieve and demonstrate real carbon savings.
The fund maintains a strict exclusion policy, avoiding investments in sectors such as fossil fuels, tobacco, arms, gambling, and activities linked to deforestation. LCIF requires its portfolio companies to uphold high standards of governance, social responsibility, and environmental stewardship. Through its investment strategy, LCIF supports the commercialisation of technologies and business models that enable decarbonisation, resource efficiency, and sustainable growth.
Impact considerations are integrated into every stage of the investment process, from initial due diligence to ongoing portfolio management. The LCIF team works closely with founders and management teams to embed ESG best practices, track progress, and report on outcomes. This comprehensive approach ensures that the fund not only delivers financial value but also drives positive change for society and the environment, accelerating the UK’s and Europe’s transition to net zero.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, actively cultivates a dynamic community of founders, investors, and industry experts across the UK and Europe. The fund brings together a network of experienced professionals, sector specialists, and business leaders who share a commitment to supporting companies that deliver measurable reductions in greenhouse gas emissions and drive the transition to a low-carbon economy.
LCIF regularly engages its community through events such as pitch sessions, networking opportunities, and sector-focused discussions. These gatherings foster knowledge sharing, peer learning, and direct connections between investors, entrepreneurs, and industry experts. Portfolio founders benefit from access to a broad network of advisors, industry partners, and co-investors, receiving guidance and support as they scale their businesses and maximise their environmental impact.
The fund also extends its reach through newsletters, public updates, and active engagement on professional platforms such as LinkedIn, keeping its community informed about portfolio news, investment opportunities, and the latest developments in climate technology and sustainability. By bringing together like-minded individuals and fostering an environment of collaboration, mentorship, and support, The Low Carbon Innovation Fund (LCIF), managed by Turquoise, empowers its network and portfolio companies to drive meaningful progress in building a sustainable future and advancing low-carbon solutions across the region.
The Low Carbon Innovation Fund (LCIF), managed by Turquoise, is led by an experienced team with deep expertise in venture capital, finance, and technology commercialisation. United by a shared commitment to supporting innovative companies that deliver measurable reductions in greenhouse gas emissions, the team combines backgrounds in investment, science, engineering, and business development to provide founders with strategic guidance and access to a broad industry network.
Leadership and Key Team Members
The Turquoise team includes professionals with backgrounds in entrepreneurship, investment, science, and engineering. This diverse expertise enables the team to provide founders with mentoring, business development support, talent recruitment, and access to a broad network of industry partners and co-investors. The team’s collective experience in clean technology, energy, and innovation positions The Low Carbon Innovation Fund (LCIF), managed by Turquoise, as a leading partner for climate tech companies seeking to scale their impact.
Learn more about the team on the Turquoise team page.
Are you an innovative founder developing climate tech or high-impact solutions in technology, health, fintech, or consumer sectors? The Low Carbon Innovation Fund (LCIF), managed by Turquoise, is dedicated to supporting companies that are making measurable reductions in greenhouse gas emissions through the development of new technologies and business models. To learn more about how LCIF and Turquoise can support your journey, visit: Turquoise Website.
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