Development of these new technologies – known as Power Electronics, Electric Machines and Drives (PEMD) – will be led by industry and academia and supported by over 130 organisations, collectively offering global reserves of as much as £600 billion.
This collaboration will mean investment through four key strands to provide opportunities for industries in the UK to move away from fossil fuels, and new electric products. These 4 strands are:
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Business Secretary Greg Clark said: “Companies like Jaguar and Lotus are choosing the UK to develop their new electric vehicles, while Easy Jet and Rolls-Royce have chosen the UK to develop their hybrid planes – all recognising and investing in the expertise and talents of the UK.
“Building on our Faraday Battery Challenge and Battery Industrialisation Centre this co-investment from government and industry is a key part of our modern Industrial Strategy, building on our strengths and helping to create the next generation of net zero technologies that will transform entire industries.
“The UK leads the world on combatting climate change and is the first major economy to legislate for net zero.”
This investment is part of the Industrial Strategy Future of Mobility Grand Challenge, transforming the way people work and travel.
Key targets include: Eliminating diesel rolling stock from UK railways by 2040; accelerating the delivery of electric and hybrid aircraft by 2040; delivery of zero carbon road transport by 2040
The challenge will deliver technologies that will enable the UK’s road, rail, maritime and aviation networks to dramatically reduce emissions. The programme also supports clean growth by driving down costs and delivering a volume supply chain necessary to deliver low-carbon technologies – building partnerships between industries of all sizes.