Speaking at the conference and exhibition in London, the Business Secretary explained that the new fund would help research and development projects working in areas such as energy storage and management, lightweight vehicles and powertrain structures.
The investment will be delivered through a funding competition managed by the Technology Strategy Board, working in collaboration with the Office for Low Emission Vehicles (OLEV), the body responsible for administrating the Plugged-in Car Grants, for consumers of electric cars.
Details of the funding competition are still to be finalised and are expected to be announced by the Technology Strategy Board as soon as possible.
The competition is likely to open for proposals in January 2012 and will lead to investment in innovative, industry-led collaborative research and development projects that will help strengthen the UK’s low carbon vehicle technologies through onto the UK’s roads more quickly.
Mr Cable said: “The UK car industry can, and should be, at the forefront of innovation, which is why – in the New Year – we’re making an additional investment of up to £15 million in projects to accelerate the commercialisation of low-carbon vehicles.”
Source: www.thegreencarwebsite.co.uk/
Photo: Paul Martin Eldridge