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