UK Government unveils an £80 million investment to help develop the next generation of electric vehicles and new hybrid aircrafts.
The investment intends to help ensure the UK is able to supply products both in the UK and abroad, to help cut carbon emissions from a range of industries including transport, energy, agriculture and construction.
Development of these new technologies, known as Power Electronics, Electric Machines and Drives (PEMD), will be led by industry and academia and supported by over 130 organisations, collectively offering global reserves of as much as £600 billion.
The UK Government said that the collaboration will mean investment through four key strands to provide opportunities for industries in the UK to move away from fossil fuels, and new electric products. These four strands are:
- Fast Start Fill the Gaps/Proof of Concept Programmes – a project that aims to fill identified gaps in the supply chain for PEMD;
- Industrialisation Centres – aiming for the UK to develop the next generation of PEMD products such as electric vehicles and hybrid aircraft, as well as providing a focal point for the business community;
- High efficiency, high volume supply chains – investing in the UK’s capability to develop the necessary machining tools for new manufacturing techniques; and
- Low volume, high value supply chains – aiming to help just-in-time manufacturers to sustain long-term growth
Business Secretary Greg Clark said, ‘Companies like Jaguar and Lotus are choosing the UK to develop their new electric vehicles, while Easy Jet and Rolls Royce have chosen the UK to develop their hybrid planes – all recognising and investing in the expertise and talents of the UK.’
‘Building on our Faraday Battery Challenge and Battery Industrialisation Centre this co-investment from Government and industry is a key part of our modern Industrial Strategy, building on our strengths and helping to create the next generation of net zero technologies that will transform entire industries.’
‘The UK leads the world on combatting climate change and is the first major economy to legislate for net zero,’ added Clark.