A consortium of 7 prominent UK universities will form the Faraday Battery Institute, a new £65-million ($86 million) institute for battery research and technology. The Institute will cooperate with industry partners to accelerate fundamental research to develop battery technologies.

The Faraday Research Challenge is divided into 3 streams – research, innovation and scale-up – and aims to transform the UK’s research into market-ready technologies.

“Through the Faraday Research Challenge we are cementing our position as the ‘go-to’ destination for battery technology so we can exploit the global transition to a low-carbon economy,” said UK Business Secretary Greg Clark. “The Faraday Battery Institute will have a critical role in fostering innovative research collaboration between universities and businesses to make this technology more accessible and more affordable.”

Source: Gov.uk via Green Car Congress