October 3 (Renewables Now) - The UK Department for Business, Energy and Industrial Strategy (BEIS) on Monday announced that seven universities will form a GBP-65-million (USD 86.1m/EUR 73.3m) battery technology research institute.
The Faraday Battery Institute is part of a GBP-246-million investment, confirmed in July, that the government will be making over four years in battery technology through its Industrial Strategy.
"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," Business Secretary Greg Clark said in a statement.
The founding members of the research institute are Imperial College London, Newcastle University, University College London and the Universities of Cambridge, Oxford, Southampton and Warwick.
The institute will set up a headquarters with an initial investment of GBP 13.7 million. Its administrative offices will be located at Harwell Science and Innovation campus.
(GBP 1 = USD 1.325/EUR 1.128)