New government funding totaling £42 million ($58.5 million) has been released today to the newly founded Faraday Institution to support further battery storage research.
The monies are part of a wider £246 million Industrial Strategy intended to boost the U.K.’s battery know-how and scale-up capabilities. Four U.K.-based consortia will receive funding to support their application-inspired research aimed specifically at overcoming current challenges in acceleration of the electric vehicle (EV) industry.
The Faraday Institution is an independent national battery research institute that will utilize government funding to help establish Britain’s fledgling battery storage industry. From education and training to R&D and commercialization, the aim of the scheme is to place the U.K. at the forefront of global battery technological excellence.
Initial focus is to be on EVs and developing bespoke batteries that can expedite the growth of this sector as part of the U.K.’s decarbonization drive. “With 200,000 EVs set to be on U.K. roads by the end of 2018, and worldwide sales growing by 45% in 2016, investment in car batteries is a massive opportunity for Britain and one that is estimated to be worth £5 billion by 2025,” said Business Minister, Richard Harrington.
The minister added that government investment through the Faraday Institution will help to deliver the necessary research to allow the U.K. to seize economic and commercial opportunities in battery technology.
The four projects that will receive the funding were settled upon following consultation between the Faraday Institution and industry, so as to ensure that the needs of the commercial sector will be met. In addition to the government-backed funding, a further £44.6 million is expected from industrial partners to help support the research.
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