A £166.5 million cash injection from the UK government for the development of green technologies will give a further boost to innovative businesses, say attorneys at Forresters.
The government has announced the funding for the rapid development of green technologies as part of its plan to Build Back Greener from the pandemic. The move has been welcomed by attorneys at Forresters, who are experts at fast-tracking patent applications for inventions that have environmental benefits. Currently applications can proceed via the UK Intellectual Property Office’s Green Channel, which has a number of benefits.
These benefits include faster processing and granting of UK patent applications for ‘green’ inventions. This means that Patent Box, which allows companies to apply for a reduced rate of corporation tax, can be claimed sooner. Also, the ‘patented’ mark can be used on the product, packaging and online, which is important for businesses seeking investment as it can also be used as leverage in business negotiations, and action can be taken against a competitor sooner.
Jack Gunning, a partner at Forresters, said the funding is a push in the right direction for hundreds of businesses. “The government’s message has been that it’s going to lead the way with green technology, and this funding is a clear step towards making that a reality,” he said. “For over ten years the UK Intellectual Property Office (UKIPO) has had a Green Channel service, to make the processing and granting of ‘green’ UK patent applications much faster. During that time we have worked with hundreds of innovative businesses and individuals with patent applications for inventions that have environmental benefits. Thanks to this service we were able to fast-track these applications.
“The UK has committed to reaching net zero emissions by 2050 and with this new funding, and the UKIPO’s service, it gives innovative businesses across the country the chance to develop the technologies we need to reach this ambitious target.
“The Green Channel is attractive because not only is it free, but the UKIPO is open to technologies from any area that will have an environmental benefit. So, as well as technologies that immediately spring to mind when we think of ‘green’ – such as wind or solar power, there are also the inventions such as those that produce less waste or are created from recycled materials.
“Also, patent applications navigating the Green Channel may be granted in as little as nine months, whereas normal applications can take three to four years. This service has been a huge step forward for patent applicants with environmentally beneficial technology, and now this new government funding will provide further support to these businesses and individuals.”
For more information about the Green Channel, or for details on how to protect your intellectual property contact Forresters at firstname.lastname@example.org