The UK government has announced its plans to launch the “Faraday Challenge”, a project that will see the government invest £320 million in developing the nation’s expertise in energy storage.
According to the Business, Energy and Industrial Strategy (BEIS) department, the funding will be distributed through three competition streams that will aim to boost UK-based R&D in storage technology.
The £45m research competition will be led by the Engineering and Physical Sciences Research Council (EPSRC) and will begin by creating a Battery Institute, according to officials.
Ruth McKernan, Innovate UK Chief Executive said: "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.
"The competitions opening this week present huge opportunities for UK businesses, helping to generate further jobs and growth in the UK’s low carbon economy."