A British enterprise has been awarded a contract worth £3million to spur on innovation in energy storage, Energy and Climate Change Minister Greg Barker has announced.
The contract has been awarded to EValu8 Transport Innovations Ltd, on behalf of the EVEREST Consortium, as part of the Department of Energy and Climate Change's innovation competition to support energy storage technology.
EVEREST will use the funds to develop a new storage system, partly made out of recycled batteries from electric vehicles, that will store renewable energy generated at times of low demand for use at times of peak demand.
Energy and Climate Change Minister Greg Barker said:
"The ability to store energy for use at peak demand will become increasingly important in the move towards a low carbon economy.
"This investment will give EVEREST the boost it needs to develop energy storage designs, helping cut costs and bringing new technologies to market in this sector".
Keith Bevis, Managing Director of EValu8 Transport Innovations said:
"Low carbon and renewable energy technology is essential for the economic growth of the country.
"We are delighted to be working with this excellent consortium that brings innovation to support the expansion of Plug-In-Vehicle infrastructure and rapid charging. We see real potential for this energy storage solution to extend into a variety of other markets."