United Kingdom – In the first round of a government-backed competition, nearly £7 million was awarded to jumpstart UK projects developing innovative energy storage technologies.
Energy can be generated when it is not required due to the intermittent nature of renewables such as solar and wind power. This energy can be stored for a longer period of time, which helps manage electricity generation variations and increases resilience, while also maximizing value for money.
The first round of funding for the Longer Duration Energy Storage competition, which is worth a total of £68 million, has been awarded to 24 projects based in the UK. More than £6.7 million will go toward developing new energy storage technologies that can be used as heat, electricity, or a low-carbon energy carrier like hydrogen, among other things, for these projects.
As a result of their potential to improve technology performance and lower the cost of meeting net zero, they have been chosen. More money from a second funding round for projects that are successful could help these projects move toward commercialization, thereby attracting private investment and creating new jobs.
Renewable energy economy
Additionally, consumers will benefit from lower prices and more domestically produced energy, which will reduce the country’s reliance on expensive fossil fuels. For the green energy transition, the UK’s electricity infrastructure must be able to handle increasing amounts of renewable energy while still meeting demand.
LODES is part of the government’s $1 billion Net Zero Innovation Portfolio, which awards funding for the first phase of the Longer Duration Energy Storage Demonstration (LODES). Several of the most promising projects from Phase 1 will receive the remaining £68 million in funding in Phase 2, which will allow them to complete the development and demonstration of their technology. After Phase 1, projects will be evaluated for their ability to commercialize their technologies, which will determine which projects move on to the next phase. As a result of this funding, the UK will be better able to transition to a renewable energy-based economy while also encouraging private investment and the creation of new green jobs.
