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Tees Valley centre part of £13m project
2:49pm Friday 7th September 2012 in Business
THE Centre for Process Innovation, based in the Tees-Valley, is one of seven partners for a £13m energy storage research and development centre to be created to advance the development of electric and hybrid vehicle batteries.
The project, the UK Energy Storage R&D Centre, to be created at the University of Warwick, in Coventry, will be funded by £9m from the Government and £4m from industry.
It aims to capitalise on the growing electric and hybrid vehicle battery market, which has been estimated to be worth £250m for the UK by 2020.
Business minister Michael Fallon said: “It will put the UK in a much stronger, competitive position to capitalise on a growing worldwide market for low-carbon vehicles, alongside other world leaders in the field including the US, Japan and Germany.
“This £13m facility will help accelerate the development of battery cells for the next generation of vehicles, and is a vital investment in the future of the automotive sector.
“It complements more than £5.5bn that global vehicle manufacturers have committed to UK projects in the past 18 months.”