The government has announced a £375 million funding package aimed at supporting innovation in energy technologies in order to help secure Britain's energy security.
The funding will help research, development and deployment of new technologies and move Great Britain towards energy independence. Importantly, it should also help the energy sector move away from the use of fossil fuels, which is an essential move in the fight against climate change.
Included in the funding package is:
It is also expected that in summer 2022 the funding for the Hydrogen Business Model will be launched. This will aim to support further investment in hydrogen production with £100 million for electrolytic projects to cover the difference between the cost of production and the sale price for hydrogen.
Furthermore, the support from the government includes a £26 million innovation funding programme to support UK industry in adopting hydrogen.
Business and Energy Secretary Kwasi Kwarteng said, "This investment will unlock the enormous potential of hydrogen, advanced nuclear reactors and Carbon Capture to level up the UK energy landscape and deliver for businesses and households. High gas prices and Russia’s aggression in Ukraine have highlighted the urgent need to produce more of our energy here in the UK. That’s why we have set out bold plans to harness clean, cutting-edge, homegrown technologies and build the energy security we need for the future."
