The government will today (24 July) launch the first phase of a £246 million investment programme to support research, innovation and the scale-up of battery technology in the UK.
The four-year investment round – known as the Faraday challenge – will deliver a coordinated programme of competitions to boost research and develop national expertise in battery technology, including applications in the energy system.
The first phase includes the launch of a £45 million “battery institute” competition to establish a national centre for battery research. It is hoped this institute will accelerate the commercialisation of battery technology, imporoving accessibility and affordability.
Business and energy secretary Greg 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.”
More than a quarter of the UK’s electricity is generated through renewables and the costs of technologies like battery storage is coming down rapidly. The government believes there are “significant opportunities” to secure economic benefits for businesses and households across the country through supporting the development and deployment of battery storage capabilities.
Innovate UK chief executive Ruth McKernan said the Faraday challenge is a “game-changing investment” and will make people around the globe “take notice of what the UK is doing”.
“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,” she said.
The announcement of the funding coincides with the publication of the outcomes of the government and Ofgem’s call for evidence on the move towards “a smart, flexible energy system”.