MP Greg Clark, speaking at an event hosted by Resolution Foundation in Birmingham, launched the initiative in a speech which focused on the UK’s Industrial Strategy.
Phase one of the battery technology investment involves a £45million ‘Battery Institute’ competition, created to find the best centre to carry out battery research.
The investment hopes to ensure the UK builds on its strengths and leads the world in the design, development and manufacture of electric batteries.
During his keynote speech today, Greg Clark said: “Upgrading our energy system to make sure it is fit for the future is a key part of our Industrial Strategy.
A smarter energy system will create opportunities to reduce energy costs, increase productivity and put UK businesses in a leading position to export smart energy technology and services to the rest of the world.”
The ‘Faraday Challenge, named after the pioneering scientist, will be spread over four years and is a key part of the government’s Industrial Strategy, which looks for different approaches to improve the living standards and economic growth across the country by increasing productivity.