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This year will also see the CPI increase its research into the use of algae as a source of low-carbon biofuel and it has already received significant funding to produce sustainable algae crops this year.

The technology is currently undergoing trials to decide whether to ferment or heat the algae in order to produce a sludge like biomass, which is incredibly rich in energy-producing chemicals.

Chief executive of the CPI Nigel Perry said: “Despite worries that there may be less private investment in innovation this year, we are in reasonably good shape and are looking to take a number of projects onto the next stage.

“Although the research into algae is only in the early stages we are receiving interest from a number of parties excited about its potential as a major source of bio-fuel.”

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