The UK government has awarded £30 million in funding to develop new technologies to capture and store energy for longer.
Three businesses are set to receive a share of £30 million from the UK government to enable them to design and test technology that will “modernise” the country’s energy system and store renewable energy for later use.
The UK government says that capturing and storing energy for use when and where it is needed will increase the country’s energy security and supply energy to consumers at a lower cost.
The funding, the government continues, will support these businesses to test and prepare their technologies to be ready for the energy market, encourage private investment and create new jobs across the UK.
The UK has a wealth of pioneering businesses that are making their mark on this industry.
Minister for Energy Security and Net Zero Graham Stuart, commented: “Storing energy for longer periods is vital to build a robust and secure energy system and ensure that renewable energy is used efficiently. Fortunately, the UK has a wealth of pioneering businesses that are making their mark on this industry.
“Today (12 April), we’re backing three UK businesses to make their projects a reality, which will go on to play a role in our country’s energy security.”
The winning projects will now go on to deploy and demonstrate their technology. The businesses receiving funding are:
- Synchrostor, Cumbernauld, Scotland will receive £9.4 million to build a Pumped Thermal Energy Storage (PTES) grid-connected demonstration plant.
- Invinity Energy (UK) Limited, Scotland, will receive £11 million to develop and manufacture its 7MW, 30MWh 4-hour Vanadium Flow Battery (VFB).
- Cheesecake Energy Ltd, Nottingham, will receive £9.4 million to test its FlexiTanker technology which stores electricity using a combination of thermal and compressed air energy storage.