Kita receives ‘Fast Start: Innovation’ grant from Innovate UK
Kita, the carbon insurer for the climate crisis, has received a Fast Start: Innovation grant from Innovate UK to accelerate Kita's carbon insurance getting to market in order to enable greater scaling of carbon removal solutions and help UK companies reach net zero goals.
“We are delighted to have the opportunity to work alongside Innovate UK as part of this grant award to build insurance for carbon removal purchases that will directly enable net zero goals in the UK. We expect to bring Kita’s Carbon Purchase Protection Cover to market in early 2023, and this grant enables us to hire the team and build the technology to do that with impact from the start,” said Thomas Merriman, Kita’s Chief Product Officer.
The Fast Start: Innovation grant from Innovate UK enables UK registered small and micro businesses to apply for grants for affordable, adoptable and investable innovations in net zero and Healthcare.
The aim of this competition was to provide a package of targeted support to enable ambitious UK registered micro and small businesses to reach their potential.
About Kita
Kita is the carbon insurer for the climate crisis. Kita’s purpose is to enable more financing for high quality carbon removal projects to scale, via removing risk with insurance products that safeguard the quality and performance of carbon purchases. With reduced risk in the carbon transaction, carbon removal solutions can access greater flows of consistent capital to scale their impact faster. Kita’s 1st product is Carbon Purchase Protection Cover, protecting buyers of forward purchased carbon removal credits against under-delivery.
About Innovate UK
Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK government. Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas, including those from the UK’s world-class research base.