A new company to ‘‘incubate’’ innovative energy ideas has been launched in the north west.And it could herald cheaper and cleaner fuel for domestic consumers, as well as business.

Chester-based Energetix Group is a partnership between Axiomlab, a provider of capital and business building expertise, whose regional headquarters is in Manchester, and Energetic Communications, located in Chester. Axiomlab has invested £625,000 for just over 40 per cent of Energetix, while Energetic has transferred its entire business operations and resources into the new venture. Energetix has already developed links with major industrial partners and academic institutions including Manchester Innovations - owned by Manchester University - and British Nuclear Fuels, but intends to work with other institutions throughout the UK.

The urgent world-wide need for new energy technology to be found is highlighted by power shortages and blackouts caused by demand outstripping supply and government-driven environmental targets, such as reduction in production of greenhouse gas emissions. The main focus of Energetix will be energy generation and storage products, such as fuel cells and micro-turbines.

‘‘Alternative energy is one of the most exciting areas in technology at the moment,’’ said Axiomlab managing director Fred Mendelsohn. ‘‘The market for energy efficient solutions is global and we believe that the potential of discovering and exploiting world leading patents, from the quality of the partnerships that Energetix has created, is considerable.’’