The Department for Energy Security and Net Zero has announced that the government is backing projects to capture and store renewable energy through funding.
Three projects focusing on storing the energy for when it is needed, rather than letting it go to waste, are to be funded in an attempt to secure the nation’s energy future further. The funding will be utilised as the projects move towards the testing and preparation of their capture and storage technologies, with this also encouraging further investment from private companies. Job creation will also be a positive side-effect of the boost.
Graham Stuart, Minister for Energy Security and Net Zero, said:
“Storing energy for longer periods is vital to build a robust and secure energy system and ensure that renewable energy is used efficiently. Fortunately the UK has a wealth of pioneering businesses that are making their mark on this industry.
“Today we’re backing three UK businesses to make their projects a reality, which will go on to play a role in our country’s energy security.”
Extended periods of sun or high winds often leads to more energy being produced than is required, such is the nature of renewable energy sources. This brings in the need for energy storage, with it increasing the use of renewables as well as working to further secure energy supply for customers at a lower cost.
The government estimates that up to £10 billion every year by 2050 can be saved thanks to the flexibility provided by electricity storage and smart charging for EVs, with this further reducing the amount of energy that would be needed to make Britain’s home-grown energy system secure.
Funding for renewable energy and further energy security comes as part of the government’s Powering Up Britain plan, with this being helped by previous funding. November 2022 saw £32.8 million worth of government funding being awarded to five energy storage projects in the United Kingdom. In total, £69 million worth of funding has been awarded as the government looks to drive further innovation in energy storage technologies.
