The UK government has launched an $18 million funding competition for interested vendors to research and develop local energy grid and storage systems, Business Green reported Monday.
James Murray writes the Technology Strategy Board and the Engineering and Physical Sciences Research Council will jointly finance the program, which is part of the Small Business Research Initiative.
David Willetts, universities and science minister, said the UK government intends for the scheme to drive business opportunities and lower carbon emissions, according to the report.
The government is seeking various technologies such as smart grid technologies, energy storage systems and integrated networks, Business Green reports.
Murray writes the smart energy systems market is estimated to reach between $5 billion and $8 billion in value a year by 2020.
Registration for the funding program will run through March 12 and formal expression of interest ends on March 19, the report says.