The investment is part-grant and part-loan. Spike Island operates a creative hub and 70 art studios, offering a diverse artistic programme, including free contemporary art exhibitions and activities.
“Working with Resonance to secure mixed grant loan finance was critical to the delivery of the first major step of Spike’s decarbonisation strategy” said Kate Ward, Deputy Director of Spike Island. “It would not have been possible without it. This pilot project has evidenced the impact that these interventions can have on cost saving and carbon reduction. Fom April to June this year, we saved 9000kg of CO2 and halved our electricity bill.”
The investment is funded by the Energy Resilience Fund, though a collaboration between Resonance and social purpose investment charity Social Investment Business (SIB).
“We’re delighted to be part of Spike Island’s journey towards becoming a net zero organisation” added Donna Thomas, Senior Investment Manager at Resonance. “We’re pleased that the initiative is already seeing environmental benefits through reducing CO2 emissions, while also saving costs for the charity.”
Spike Island is working towards becoming a net zero organisation in the 2040s. The £15 million Energy Resilience Fund offers a package of blended funding (60 percent loan and 40 percent grant) and specialist support, including free energy audits and expert advice services, to charities and social enterprises. Organisations can apply for a range of energy saving/generation projects between £25,000 and £250,000.
“The Energy Resilience Fund is bringing together grants, loans and specialist support to enable groups like Spike Island to not only reduce their bills but take positive action on the climate crisis too” said John Heaney, Head of Investments for Social Investment Business. “We're delighted to be working with Resonance to deliver this vital support at a time when charities across the UK continue to face huge pressure from rising bills.”
Since its launch in November 2024, organisations across England have received finance and support for projects including buying electric vehicles (an electric tractor and electric minibus), installing LED floodlights, retrofitting insulation and double glazing, solar panel installation, and replacing gas boilers with air-source heat pumps.
The fund has also recently been shortlisted for an Edie Net-Zero Award as a finalist in the 'Energy Efficiency Project of the Year' category.
For additional information:
