Triodos, an “ethical” bank, has launched a fund to invest in growing cleantech businesses in the UK under the Enterprise Investment Scheme.

“Ethical” bank Triodos has launched a fund to invest in growing cleantech businesses in the UK.

Triodos EIS Green Fund will back companies that are eligible for the Enterprise Investment Scheme (EIS), a government initiative offering tax reliefs to those who invest in companies with fewer than 50 staff.

Fund manager Gareth Zahir-Bill says, ‘It’s a great time for investment in high-growth green companies.

‘Despite the challenging economic climate, sectors such as renewable energy, energy efficiency and waste recycling are resilient in the current recession and are often underpinned by government support mechanisms.’

The fund will announce its first deal shortly. It is currently closed to new investors, though a similar vehicle, Triodos EIS Green Fund 2, is due to be launched in September.