Government to Invest More in Low Carbon Vehicles

The way things are going now, ten years down the line your bank manager might not be happy at all if you apply for a loan to buy a conventional gas guzzler.


In the latest development on this front, the government is to make available another £15 million for research into low carbon vehicles.  The announcement was made at the Innovate 11 Conference by Vince Cable.


In a speech at the London conference, the Business Secretary said that the new fund would assist research and development projects in diverse areas such as energy management and storage, power-train structure and lightweight vehicles.


The money will be made available in quite a novel way: a funding competition will be arranged by the Office for Low Emission Vehicles (OLEV) in partnership with the Technology Strategy Board.


Details of the funding competition are sketchy right now as the final arrangements have not been made yet.  More information will be announced by the Technology Strategy Board in the near future.


At this stage it is very likely that the competition will get underway in January 2012.  The government hopes it would lead to new investment in the low carbon vehicle industry and fuel new research and development projects that will help to establish the UK as a leader in the world of low carbon technology.


Cable went on to say "The UK car industry can, and should be, at the forefront of innovation, which is why - in the New Year - we're making an additional investment of up to £15 million."

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