On Friday 21 October, the UK government announced that it will boost funding for domestic battery research and development by extending the Faraday Battery Research Challenge until March 2025. The financial package consists of a record USD238 million (GBP211 million) and will support the development of advanced battery technologies for applications in the growing EV and energy storage industries. The Faraday Challenge has supported over 140 UK-based organisations since its inception in 2017, attracting over USD450 million in further private sector investments in the process. The organisation is assisted by UK Research and Innovation (UKRI), Innovate UK and the UK Battery Industrial Centre (UKBIC) in delivering funding to battery-related research and development.
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