£7m of Funding to Green Energy Storage in UK

The UK Government has announced that it will be opening up £6.7m of funding to 24 projects within the UK who are working on new green energy storage solutions.

£7m of Funding to Green Energy Storage in UK background

The total will be shared amongst the projects, which comes as part of the government’s continuing support and commitment to achieve the UK’s Net Zero goals by 2050.

It has been said that this level of funding is only the first phase of a long term investment by the UK Government, where it is expected that a further £68m will be awarded to projects in the long term. Any successful Green Energy Storage projects from this first phase of funding can be eligible for further financial support in future phases. 

 

The aim of this increased funding is to cover one of the downfalls of green energy currently, and that is it’s intermittent nature. Days of large sunlight exposure will increase energy production by a considerable amount, but that energy is eventually lost. This initiative aims to provide ample and efficient energy storage so that energy that would have been lost during periods of high energy production is saved. 

 

With more renewable energy now available for companies and households across the UK, it can reduce our overall reliance on fossil fuels, and can help improve the public acceptance of greener technologies. 

 

There are claims that the increased availability of greener technologies would bring down the overall prices that are seen in current energy markets, however, the extent in which this would occur is limited due to the Energy Market that expands across the EU as well as the UK.