EV battery project bags £38m

Funding worth £38 million to develop batteries for electric vehicles (EV) has been granted. AGM Batteries and Faradion will use the cash from Innovate UK for the project which aims to […]

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By Jacqueline Echevarria

Funding worth £38 million to develop batteries for electric vehicles (EV) has been granted.

AGM Batteries and Faradion will use the cash from Innovate UK for the project which aims to create sodium-ion batteries to power cars by 2025.

They are expected to be around 30% cheaper than conventional lithium-ion cells and reduce the cost of EVs.

The companies hope to deliver a working prototype by 2018.

Faradion’s CEO, Francis Massin, said: “This project will help the automotive industry to develop a more stable, sustainable and cost-effective solution to electric vehicle power than is currently available.”

A new £2 million competition to encourage more businesses to switch to hydrogen-fuelled electric vehicles (EVs) has also been launched.