Britain ushers in new battery-focused industrial policy with Faraday Challenge
Britain is investing £246mn in battery technology, now a top priority considering its planned shift to cleaner innovations like electric cars. The first phase will be launched today. Business minister Greg Clark is also expected to announce the 'Faraday Challenge', a series of competitions, which "will…power the automotive and energy revolution". It will bring the "best minds…together to create a Battery Institute".
What's the Faraday Challenge about?
Chosen candidates will make a "Battery Institute", which will identify high-potential research for grants worth millions of pounds. According to Philip Nelson, chief of Engineering and Physical Sciences Research Council, it will "link intimately with industry, innovators and other funders" to maintain Britain's "world-leading position".
Other plans to complement the policy
The challenge is one of the government's six-pronged strategy to power its industrial policy. Apart from £45m funding for revolutionizing battery technology, the government is planning another £25m funding for self-driving vehicle developers. The swiftly-falling cost of battery power is complementing its strategy. The proposed industrial policy was announced in January. Till now, about 2,000 responses on it have been received from the public.
