UHY Ross Brooke Chartered Accountants

Faraday Battery Challenge

innovate grants

Innovate UK, part of UK Research and Innovation, will work with the Faraday Battery Challenge to invest up to £1.5 million in innovation scale-up projects.

The aims of this competition are to:

  • support an SME’s research and development for the scale-up of battery technologies within the UK;
  • support an SME to access the UK Battery Industrialisation Centre (UKBIC) and demonstrate technologies at suitable scales to customers;
  • increase engagement with UKBIC;
  • move UK battery innovations from technological potential towards commercial capability; and
  • develop and secure material and manufacturing supply chains for battery technologies in the UK.

The competition closes at 11am on 4 April 2023.

See: Competition overview – UK Battery Industrialisation Centre SME Credit Round 1 – Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)

Next steps

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Companies applying for R&D tax credits need to follow the rules carefully in order to maximise their tax relief. New changes to the R&D tax credit scheme come into force from 1st April 2023 aimed at reducing incorrect or fraudulent claims, improving compliance and encouraging UK innovation.

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