£30m government investment into batteries and electric vehicles

The Minister of Investment has announced that the government is investing over £30m into batteries and electric vehicles.

Pioneering research into battery technology, the electric vehicle supply chain, and hydrogen vehicles is to be backed by over £30m of government funding.

22 studies are to receive part of a £9.4m share, including proposals to build a lithium extraction plant in Cornwall, that will extract lithium for use in electric vehicle batteries, a plant in Cheshire to build specialised magnets for electric vehicle motors, and lightweight hydrogen storage for cars and vans in Loughborough.

The government will also be committing £22.6m to the Faraday Institution, so they can continue their work to improve the safety, reliability, and sustainability of batteries.

This funding comes ahead of the government’s pledge to phase out the sale of new petrol and diesel cars by 2030. This is part of the government’s 10 Point Plan for a green industrial revolution. As part of this transition, it is necessary to research alternative ways to power vehicles.

Gerry Grimstone, Minister for Investment commented: “We have set an ambitious target to phase out the sale of new petrol and diesel cars by 2030. To support that it is crucial we invest in research so we can power ahead with the shift to electric vehicles as we build back greener from the pandemic.

“The world leading research announced today showcases the very best of British innovation and it will support all stages of the automotive supply chain to make the switch to electric vehicles – from developing batteries, to exploring how to recycle them”.

Investment in battery technology will help motorists and the environment by enhancing performance and lowering the cost of electric vehicles. It will also be beneficial to businesses and workers, as it will support the creation of new jobs, new industries, and the development of technologies to power the automotive and energy revolution in the UK.

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