The UK Government has announced an investment of £9 million (US$14.4 million) with a further £4 million (US$6.3 million) from industry into new Energy Storage R&D Centre which will work to accelerate the development of the next generation of batteries for electric and hybrid vehicles.
The Department for Business, Innovation and Skills hopes that the new £13 (US$20.7 million) million centre, which will be based at the University of Warwick, will help the UK to capitalise on the growing electric and hybrid vehicle battery market, which it has been estimated will be worth £250 million (US$ 398.6 million) to the country by 2020.
The centre is the latest move by Government to secure future growth opportunities for the UK’s automotive sector, building on its £400 million (US$637.7 million)commitment over the next four years to supporting electric cars and other ultra-low carbon vehicles.
Business Minister Michael Fallon said: “I’m pleased to announce this joint Government and industry project to develop an energy storage R&D centre at the University of Warwick. It will put the UK in a much stronger, competitive position to capitalise on a growing worldwide market for low carbon vehicles, alongside other world leaders in the field including the United States, Japan and Germany. “
The Department for Business, Innovation and Skills hopes that the new £13 (US$20.7 million) million centre, which will be based at the University of Warwick, will help the UK to capitalise on the growing electric and hybrid vehicle battery market, which it has been estimated will be worth £250 million (US$ 398.6 million) to the country by 2020.
The centre is the latest move by Government to secure future growth opportunities for the UK’s automotive sector, building on its £400 million (US$637.7 million)commitment over the next four years to supporting electric cars and other ultra-low carbon vehicles.
Business Minister Michael Fallon said: “I’m pleased to announce this joint Government and industry project to develop an energy storage R&D centre at the University of Warwick. It will put the UK in a much stronger, competitive position to capitalise on a growing worldwide market for low carbon vehicles, alongside other world leaders in the field including the United States, Japan and Germany. “
