{"id":31625,"date":"2023-04-12T14:45:28","date_gmt":"2023-04-12T13:45:28","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=31625"},"modified":"2023-04-12T14:45:28","modified_gmt":"2023-04-12T13:45:28","slug":"renewable-energy-storage-boosted-by-30m-government-funding","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/renewable-energy-storage-boosted-by-30m-government-funding\/31625\/","title":{"rendered":"Renewable energy storage boosted by \u00a330m Government funding"},"content":{"rendered":"

The UK Government has awarded \u00a330m for a series of innovative projects to develop new technologies for renewable energy storage and capture.<\/h2>\n

A number of cutting-edge businesses are set to benefit from a share of the funding to be at the forefront of designing and testing future renewable energy storage technology that will modernise our energy system and store renewables for later use.<\/p>\n

The funding announced today will support these businesses in testing and preparing their technologies to be ready for the energy market, encouraging private investment and creating new jobs across the UK.<\/p>\n

How can energy storage maximise the use of renewables?<\/h3>\n

Renewable energy is crucial for the UK\u2019s transition to net zero<\/a>, offering cheap, clean, domestically-produced energy. Moreover, maximising the potential of renewable sources will help lower energy costs and boost the UK\u2019s energy security and independence.<\/p>\n

However, the nature of renewables means that on windy, sunny days, more renewable electricity than is sometimes needed is generated, such as during extended periods of the sun shining or high winds. The new innovations in renewable energy storage will enable any excess to be soaked up for later use, therefore maximising the potential of renewable sources.<\/p>\n

Flexibility from technologies such as electricity storage and the smart charging of electric vehicles could save up to \u00a310bn per year by 2050 by reducing the amount of energy and network needed to create a secure, home-grown energy system. Accelerating the uptake of renewable energy storage technology will also mean the National Grid can balance the grid by activating storage systems rather than asking certain power generation technologies to switch off, further reducing costs to the taxpayer.<\/p>\n

Which businesses will receive the funding?<\/h3>\n

Graham Stuart, Minister for Energy Security and Net Zero, commented: \u201cStoring 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.\u201d<\/p>\n

He added: \u201cToday we\u2019re backing three UK businesses to make their renewable energy storage projects a reality, which will go on to play a role in our country\u2019s energy security.\u201d<\/p>\n

The winning projects, which will now progress to being fully deployed and demonstrated, are:<\/p>\n