UK commits £250m to storage
‘Faraday Challenge’ to support battery research and development
The UK government has committed almost €250m over four years for research and development in energy storage and batteries for electric vehicles.
BEIS said its ‘Faraday Challenge’ aims to help UK businesses “seize the opportunities presented by the transition to a low carbon economy” and ensure the UK “leads the world” in the design, development and manufacture of EV batteries.
The funding is from the £1bn Industrial Strategy Challenge Fund that will be spent across six areas including healthcare, robotics, materials, space technology and autonomous vehicles.
Business Secretary Greg Clark said: “Through the Industrial Strategy Challenge Fund we will provide an enormous boost to our world-class research and development sector, to help turn brilliant British innovations into new businesses and good jobs.”
BEIS has meanwhile concluded its eight-week consultation on its Industrial Strategy green paper.
Responses will now be considered before a white paper is published later in the year.
Image: Energy storage (AES)