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Equipment Finance News Faraday Institution provides £55 million funding to support electrification research Published: 20th September 2019 Share The Faraday Institution is providing £55 million to a number of UK-based projects to boost the performance of batteries used in transport and other sectors. The projects aim to accelerate breakthroughs in energy storage technologies as the UK moves to mass adoption of electric vehicles. The Faraday Institution is the UK’s independent institute for electrochemical energy storage science and technology. It supports research, training, and analysis, working to make the UK the ‘go-to place’ for electrical storage technology research. The new projects are: Nextrode: Changing the way electrodes for lithium-ion batteries are manufactured; enabling EVs with a longer range and batteries that are more durable. Next generation lithium-ion cathode materials: Improving the performance of lithium-ion batteries. FutureCat: Delivering cathodes that hold more charge and are better suited to prolonged use. CATMAT: Focusing on nickel-rich cathode materials and lithium-rich cathodes. NEXTGENNA: Commercialising a safe sodium-ion battery with high performance, low cost, and a long cycle life. Lithium-Sulfur Technology Accelerator (LiSTAR): If the potential of Lithium-Sulfur is realised, it would take batteries for automotive and other applications beyond the current limits of lithium-ion chemistry. Nadhim Zahawi, business minister, said: “Today’s funding backs scientists and innovators to collaborate on projects that will deliver a brighter, cleaner future on our roads. We are committed to ensuring that the UK is at the forefront of developing the battery technologies needed to achieve our aim for all cars and vans to be effectively zero emission by 2040.” The Institution has also undertaken a further challenge, known as the Faraday Battery Challenge, to improve the production of batteries for future electric vehicles in the UK. Neil Morris (pictured), chief executive of the Faraday Institution, said: “It is imperative that the UK takes a lead role in increasing the efficiency of energy storage as the world moves towards low carbon economies and seeks to switch to clean methods of energy production. “Improvements in EV cost, range and longevity are desired by existing EV owners and those consumers looking to purchase an EV as their next or subsequent car. Our fundamental research programmes are putting the UK at the forefront of this disruptive societal, environmental and economic change.” Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories NewsUS equipment finance confidence hits three-year high NewsAlba Leasing and Banca Sistema announce partnership NewsDLL and Kempower partner to drive EV charging accessibility Equipment Finance