The UK government has moved to increase the available funding on offer to businesses that practice innovative techniques, including energy efficiency in IT and networking improvements.

This second wave of funding follows a £10 million pot for companies carrying out research and development in December 2012 and £250 million for innovative projects including smart city development programs.

The rise in funding was announced by Universities and Science Minister, David Willett, with an extra £12 million in funding coming from the Technology Strategy Board (TSB). Eight new projects were created, designed to develop networking systems in areas including energy, environment and transport.

The innovation funding is designed to promote UK businesses to stay competitive and at the pinnacle of global technological research.

Other projects include innovation competitions, with a £1.25 million investment for the creation of energy efficient devices and £1.15 million for technology designed to extend battery life.

David Willett said: “Investing in new ideas for technology now means that the UK will maintain its position as a global leader for innovation”.

London Mayor develops plan for ‘Smart London’