The Industrial Strategy Challenge Fund was created to provide funding and support to UK businesses and researchers. This is part of the government’s £4.7 billion increase in research and development over the next 4 years.
The Fund is being administered by Innovate UK and the Research Councils.
It was designed to ensure that research and innovation takes centre stage in the Government’s Industrial Strategy.
As part of the Government’s Industrial Strategy Challenge Fund, the Faraday Challenge is an investment of £246 million over 4 years. It was set up to help UK businesses seize the opportunities presented by the transition to a low carbon economy; to ensure the UK leads the world in the design, development and manufacture of batteries for the electrification of vehicles.
Batteries for future electrified vehicles are recognised as a major global opportunity for the UK.
Around 50% of the value of future vehicles will be related to the battery and its supporting systems. Future investment decisions around battery development and their manufacture in the UK will likely influence significant wider investment decisions by original equipment manufacturers (OEMs), including vehicle production. The complete supply chain for batteries at scale for the automotive sector does not yet fully exist, representing an opportunity for the UK.
The UK manufactures over 2 million engines per year currently, employing large numbers of highly skilled workers. It is widely thought that the number of internal combustion engines will reduce over time as the automotive sector moves towards electrified vehicles.
The UK now has the ecosystem to place itself as a leader in future battery research, innovation and high volume manufacturing for the global automotive market.
The Faraday Challenge represents a completely joined up national innovation system. It starts with EPSRC universities Battery Institute and competitive calls for application inspired fundamental research. This links to the parallel Innovation competition which pushes technology towards commercialisation with APC Scale Up funding and this competition to establish a National Battery Manufacturing Development Facility.
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The APC is able to help by providing general guidance regarding the interpretation of competition rules and guidelines on an informal basis. Help your consortia to structure the bid development process, explain common pitfalls and aid you regarding whether your project is in scope.
Innovate UK competition helpline on 0300 321 4357 or email us at firstname.lastname@example.org