The Department of Trade and Industry (DTI) has announced the launch of the Energy Technologies Institute.
The institute will provide research and development into secure, reliable and affordable low carbon energy technologies and will benefit from £500m in funding from the DTI over the next decade.
“Secure and sustainable energy is of paramount importance to our prosperity and way of life – both now and in the future. We want to make the UK a world-leader in developing vital new energy technologies. The institute will have the potential to make a huge impact in this area and the government is offering half a billion pounds worth of funding. However we expect to see the same level of financial commitment from the private sector. Some companies have already offered their support but we need further firms to join the venture,” commented Alistair Darling, Trade and Industry secretary.
The institute’s main objectives will be to increase the R&D funding to meet the UK’s energy policy goals and using the research to deploy cost-effective, low carbon energy technologies. The institute also hopes to provide better strategic focus for R&D and manage the networks of scientists and engineers involved in research.
Companies already supporting the venture include BP, EDF Energy, E.ON UK and Shell.
Companies have until November to express an interest in the institute. A director will be selected to provide day-to-day leadership and the institute is expected to be fully operational by 2008.
