£42m funding for energy storage research

(REPOST: NetworksOnline)

The funding, which has been announced by the Faraday Institution, will see four UK-based consortia conduct application-inspired research aimed at overcoming battery challenges to accelerate the electric vehicle (EV) revolution.



According to the Institute, this research will put the UK on the map as being at the forefront of battery technology worldwide. It has the potential to radically increase the speed with which we are able to make the move to electric vehicles, as well as the speed with which we can decarbonize our energy supply, with obvious benefits to the environment.

The Faraday Institution is the UK's independent national battery research institute, and was established as part of the government's £246m investment in battery technology through the Industrial Strategy. Its formation was announced in October 2017 by the Business Secretary Greg Clark.

The Faraday Institution's goal is to make the UK the go-to place and world leader for battery technology research and it has a clear mission to ensure the UK is well placed to take advantage of the future economic opportunities from this emerging technology.

Business Minister Richard Harrington said: "With 200,000 electric vehicles set to be on UK 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.

"Through our flagship Industrial Strategy and its Future of Mobility and Clean Growth Grand Challenges, we are committed to making Britain the 'go-to' destination for the development and deployment of this game-changing technology.

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