UK to provide $124 million Incentive for Development of Electric Vehicle Batteries

The UK has been in the news for a while now due to the unstable business market in the post-Brexit country. Multi-national companies are gradually pulling back all forms of investment as they doubt the market value of the English companies after they became independent from the European Union. Apparently, UK is looking for ways to once again gain the trust of international investors. Keeping this in mind, Britain is making investments in various sectors to ensure better economic growth. One such latest investment is for the production of electric vehicle batteries. On Tuesday, Britain announced an investment of millions of dollars which will enable boosting the manufacture of such batteries.

This investment worth $124 million will fund the country’s project of setting up its second purpose-built electric battery plant. Along with this, a certain share will also go for this technology’s further development. Williams Advanced Engineering, another technology branch by the owner of Formula 1 team, Williams Group will look after this project. It has received the funds from the Advanced Propulsion Center (APC) and will produce batteries according to the requirements of Aston Martin, the luxury car maker. APC’s Director of Technology and Projects Jon Beasley stated that the project will concentrate on further developing battery systems which can cater to the significant supply chain gaps prevalent in the country.

Electric vehicle batteries

The development and production of electric vehicle batteries will be used in the Aston Martin RapidE.

How APC aims to develop electric vehicle batteries

Williams Advanced Engineering has taken up the responsibility of designing, developing, and also producing electric vehicle batteries. These batteries will be eligible for use in all kinds of high-performance automotive products that are low in volume. The battery will mainly act as a catalyst for technology development through its energy support. This technology will be developed for the Aston Martin RapidE that will be its halo product. It will go into production latest by the end of this decade.

The competition for developing the most sustainable electric cars is on in almost all major automobile manufacturers across the globe. But unfortunately, Britain lacks expertise and quality in this field. This investment is in order to attain sufficient manufacturing capacity in the country. Williams further announced that the electric vehicle batteries project will begin in the year 2018. Even though the company refused to confirm the fund’s amount, Britain’s business ministry has been very open about it. It declared allocation of around $124 million as an investment in numerous projects apart from the electric cars one. The American carmaker Ford and Jaguar’s development of lightweight technologies will also come under this.

Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

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