£246m government investment to make UK world leader in battery technology
Business and Energy Secretary Greg Clark has announced the first phase of a £246m investment in battery technology intended to establish the UK as a world leader.
Known as the Faraday Challenge, the four-year investment round includes the launch of a £45m ‘Battery Institute’ competition led by the Engineering and Physical Sciences Research Council (EPSRC), to establish a centre for battery research. The most promising research completed by the institute will be moved closer to the market through industrial collaborations led by Innovate UK.
The investment, a key part of the Government’s Industrial Strategy, will also see the Advanced Propulsion Centre work with the automotive sector to identify the best proposition for a new open access National Battery Manufacturing Development facility.
Mr Clark said: “The work that we do through the Faraday Challenge will – quite literally – power the automotive and energy revolution where, already, the UK is leading the world.”
The announcement comes as the Government and Ofgem also revealed plans to bring smart energy technology to businesses and homes, enabling consumers to use energy when it is cheapest or be rewarded for returning it back to the grid when it is needed.