The UK Government has announced a £23 million funding package to assist small and large-scale businesses to develop and innovate electric vehicle (EV) technology.
The funding will ensure the UK remain on the cutting edge on EV technology which it said is a “crucial part of the UK’s move towards a net zero emissions economy”.
The Faraday Battery Challenge is aimed at progressing innovation in the upscaling and advancement of safe, cost-effective high-performance, lightweight and recyclable battery technology, partially-driven by the government’s plan to ban conventionally-powered vehicles in the country by 2040.
- UK now has more EV charging points than petrol stations
- UK youth to design the EV charging point of the future
- Energy storage technologies and impact on EVs and utilities markets
The battery market is expected to be worth £5 billion to the UK and £50 billion to Europe by 2025, and is expected to create numerous new opportunities and industries, contributing greatly to the lowering of carbon and air pollution in the UK.
Those awarded funding in the latest round include Wardell Armstrong, a mining consultancy that will collaborate with mining firm Cornish Lithium and the Natural History Museum to develop a consistent supply of lithium to British industry.
Jaguar Land Rover, another recipient will seek to maximise battery performance, safety and collaborate in a project led by Granta Design which aims to include artificial intelligence in the battery manufacturing process.
Part of the government’s programme includes a competition for technologies that will further low carbon technologies in the UK, which will see 32 companies participate in 5 projects, as part of a £33 million funding allocation.
Business and Energy Secretary, Greg Clark, said: “We are committed to ensuring our world-leading automotive sector can flourish. These exciting new projects will build on the UK’s reputation for excellence, our rich heritage in the auto industry and pave the way for advances towards a cleaner economy.
“We will continue to invest in future car manufacturing, batteries and electrification infrastructurethrough our modern Industrial Strategy and today’s winners will be crucial in ensuring that the UK leads the world in the global transition to a low carbon economy – one of the greatest industrial opportunities of our time.”