Upping The Voltage: Why Britain’s Electric Vehicle Battery Startups Need Financial Support

Back in the mists of time – 2017 to be precise – then Business Secretary Greg Clark announced ambitious plans to catapult Britain to the forefront of the global electric vehicle battery manufacturing industry. At the heart of his initiative was the establishment of the Faraday Challenge: a series of government-sponsored competitions designed to promote research and development. This was good news for startups working in the field.

So, how are things going five years on? Well, according to a report published this week by the Green Finance Institute, there is still a window of opportunity for the U.K. to become a significant player in this market. But – and this is a very big but – that won’t happen without finance.

As things stand at the moment, the EV battery industry is worth around $41 billion with China holding about 85 percent of the market share. According to the GFI report, the market value is set to rise to between $116 and $278 billion by 2030 and that expansion will make space for other nations to build their battery industries. The United Kingdom’s share could be $24 billion.