Over $2.5 billion for EVs, batteries, supply chains, and market access to critical minerals.
The UK government has published its first-ever battery strategy alongside the Advanced Manufacturing Plan, which is set to boost industries like the automotive and aerospace sectors. The program aims to increase the competitiveness of the British battery sector by investing in the entire value chain, from research and development to the automotive sector, which employs batteries in electric vehicles. The central part of the strategy is the allocation of over $2.5 billion in R&D funding and new capital for five years until 2030 to bolster EV supply chains.
Also part of the UK battery strategy are efforts to strengthen supply chains of critical minerals like lithium, cobalt, nickel, and graphite needed for the production of batteries. These efforts will be supported by the UK’s Critical Minerals Strategy, unveiled in 2022 and revised a few months ago. Trade partnerships with resource-rich countries such as South Africa or Australia are central to this strategy, as are efforts to create domestic sources of critical minerals. Building the UK’s first lithium mine in Cornwall, for example, made headlines earlier this year.
Find the whole strategy here.
Photo: iStock/jroballo
