Government announces £246m investment in new battery technology
Government announces £246m investment in new battery technology
Batteries are set to become key to a low carbon economy Getty Images
25 July, 2017, 00:47
Greg Clark, the business secretary, will say today: "The work that we do through the Faraday Challenge will - quite literally - power the automotive and energy revolution where, already, the United Kingdom is leading the world".
In its first major move to support the nascent battery revolution, the Government will set up a "battery institute" to award hundreds of millions of pounds to companies on the brink of major research and development breakthroughs.
Meanwhile, Clark said the national Advanced Propulsion Centre will work with the automotive sector "to identify the best proposition for a new state-of-the-art open access National Battery Manufacturing Development facility".
"By any scale, the Faraday Challenge is a game changing investment in the UK and will make people around the globe take notice of what the UK is doing in terms of battery development for the automotive sector", said Ruth McKernan, Innovate UK Chief Executive.
Business Secretary Greg Clark announced the launch of the 4-year investment round, Faraday Challenge which is aimed at enhancing expertise in battery technology in the UK.
"If every part of Britain is to prosper in the future we need to ensure that we have the right policies and institutions in place to drive the productivity-which is to say, the earning power-of the economy, and the people and places that make it up", said pun-laden Clark.
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According to energy regulator Ofgem, consumers could save between £17 billion and £40 billion by 2050 if new rules, due to come into effect over the next year, are successful, the broadcaster said. It's that we need to ensure that we find and seize opportunities to work more productively - as a country, as cities and regions, as businesses and as individuals.
An important part of the government's Industrial Strategy, the Faraday Challenge will bring about a coordinated programme of competitions relating to the research and development in battery technology.
Sir Mark Walport, the Government's chief scientific adviser, told BBC Radio 4's Today programme the aim of the Government's investment was to improve battery technology.
Part of the overarching Industrial Strategy, the four-year project will consist of three distinct phases created to drive battery research and make the United Kingdom a world leader in the area.
The Government is poised to invest £246m in battery technology that it says will be a key pillar in helping to power its industrial strategy.
The government is also launching £25 million to fund research into off-road driverless vehicles for use in construction, farming and mining.
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