Government commits £246m to battery technologies
Fri 21 April 2017 | Back to news list
The Government has announced the availability of funding of £246m over four years through the ‘Faraday Challenge’ to help UK businesses seize the opportunities presented by the transition to a low carbon economy, aiming to propel the UK into a world-leading position in the design, development and manufacture of batteries for electric vehicles.
Business Secretary Greg Clark announced the funding as part of the Industrial Strategy Challenge Fund (ISCF), which will commit over £1 billion to research and innovation in specific areas identified in the government’s Industrial Strategy.
Greg Clark said: “Through the Industrial Strategy Challenge Fund we will provide an enormous boost to our world-class research and development sector, to help turn brilliant British innovations into new businesses and good jobs.
Innovate UK will manage the deployment of the funds and has begun by selecting an initial £10 million worth of projects across the entire ISCF starting in 2017 to 2018. Thirty-five projects have been selected for funding. However the full list of companies and project allocations will not be released until after the June 8 General Election.
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