The UK government-backed Faraday Institution has allocated £55m ($68m) for five, four-year projects aimed at developing next-generation battery technology. One of the projects, called Battery 2.0, will be a joint venture between British and Chinese companies to develop new lithium-ion batteries that can store more energy than current models. The government pledged £246 million towards Faraday in total when launching the fund in 2017. Last year, the Faraday Institution awarded £42m to four ongoing projects aiming to enhance current-generation battery technology.
The UK government-backed Faraday Institution has allocated £55m ($68m) for five, four-year projects aimed at developing next-generation battery technology. One of the projects, called Battery 2.0, will be a joint venture between British and Chinese companies to develop new lithium-ion batteries that can store more energy than current models. Last year, the Faraday Institution awarded £42m to four ongoing projects aiming to enhance current-generation battery technology.