Britain’s nascent battery industry has received a boost from the Government and foreign investors.
The taxpayer-owned UK Infrastructure Bank has invested £25 million in Scotland-based Invinity Energy Systems.
The AIM-listed group makes vanadium flow batteries, which are used to store energy but are too heavy to be used in technology such as electric cars.
Being able to store huge amounts of electricity produced in the electrical grid will be key to the use of renewable energy in the future.
Invinity raised £56 million in total, including from a Korean company and retail shareholders.
A shot in the arm: being able to store enormous amounts of electricity produced in the electrical grid will be key to the use of renewable energy in the future
The money could support dozens of new jobs.
The company already has a large customer base, including the Royal Thai Armed Forces and the University of Central Florida.