A British enterprise has won a fund worth £3 million to develop a new storage system that stores electricity from renewable sources.
DECC gave the contract to EValu8 Transport Innovations on behalf of the Electric Vehicle Embedded Renewable Energy Storage and Transmission (EVEREST) Consortium.
The company will use the fund to develop a storage system, partly made out of recycled electric vehicle batteries which can store renewable energy generated at times of low demand for use at times of peak demand.
Energy and Climate Change Minister Greg Barker said: “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.”
The contract was awarded under the second phase of DECC’s £17 million energy storage technology demonstration small business research initiative competition.
Last month an energy storage campaign group claimed delays to installing energy storage capacity in the UK could cost taxpayers £100 million a year by 2020, rising to £10 billion a year by 2050 if nothing is done.