The U.K. government plans to invest 246 million pounds ($320 million) in battery technology as part of an updated industrial strategy.

The four-year investment will include a coordinated program of competitions to boost the research and development of expertise in battery technology, the Department for Business, Energy and Industrial Strategy said in an emailed statement on 7/24. The government-established Faraday Challenge Advisory Board will govern the program.

"The first element will be a competition led by the Engineering and Physical Sciences Research Council to bring the best minds and facilities together to create a Battery Institute," Business Secretary Greg Clark said in the statement. "We need to ensure that we find and seize opportunities to work more productively."

With the investment, the country wants to capitalize on its perceived strength developing battery technologies. Britain is also seeking to boost employee productivity, which lags Germany and France, Clark said.

Bloomberg | www.bloomberg.com