The UK Government has pledged £4.8m ($6.08m) towards connecting EVs to homes and businesses in a bid to save UK citizens money on their energy bills.
Bidirectional charging points could allow the power stored in EV batteries to be directed towards homes and businesses to power other electronic devices.
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The V2X charging system could benefit UK businesses by reducing their reliance on fossil fuels, even during power surges.
The £4.8m will go to four companies to support their V2X projects. These include Hangar19 in Chelmsford, which is making a wider range of EVs and V2X chargers, and Electric Green, which will provide V2X technology to the Royal Mail.
“The prospect of families being able to store energy on their doorstep in electric vehicles and use it to power their homes is incredibly exciting,” stated Amanda Solloway, Minister for Affordability and Skills. “By backing this technology, we could save families hundreds of pounds a year, while also supporting jobs, investment and growth.”
This funding is part of an overarching energy flexibility programme by the UK Government to support efficient energy use.
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By GlobalDataThe UK Government has already spent around £60m on this scheme, but while public expenditure on EVs booms, venture capital into batteries may begin to ebb.
In its 2023 thematic intelligence report into batteries, research analysis company GlobalData recorded that battery-related venture capital funding peaked in 2022.
Both the volume and value of battery-related deals have risen steadily since 2020 and GlobalData forecasts that recycling could be the next theme driving investment.
Recycling can mend supply chain tensions and is becoming an increasingly sought-after and researched part of the batteries value chain, making it a valuable investment for battery-makers wanting an advantage over their peers.
Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets – patents, jobs, deals, company filings, social media mentions and news – to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.
