As the UK accelerates the green transition and reduces its reliance on fossil fuels, the Government has announced £6.7m in funding to projects across the country to support development of new energy storage technologies.
The Department for Business, Energy & Industrial Strategy (BEIS) revealed yesterday (23rd February) that 24 projects based across the UK have been awarded the first round of funding through the Longer Duration Energy Storage (LODES) competition – worth a total of £68m.
Selected for their potential to reduce the cost of meeting Government net zero targets, in addition to accelerating technological development, successful projects could see passage through the second phase of the competition, which supports commercialisation and private investment.
Greg Hands, Energy and Climate Change Minister commented on the announcement, saying, “Driving forward energy storage technologies will be vital in our transition towards cheap, clean and secure renewable energy.”
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