If your company is working on an innovative project related to battery technology, you could secure up to £1.75 million in grant funding through Round 6 of the Faraday Battery Challenge.
Closing at 11 am on 12 July 2023, this competition aims to develop battery technologies that are cost-effective, high-performing, longer-range, faster-charging, long-lasting, safe and sustainable.
The challenge is funded by Innovate UK and is open to Small and Medium-sized businesses, plus their partners, the UK Battery Industrialisation Centre and the Faraday Institution. It is a collaborative grant, meaning you need to apply alongside at least one other UK-registered organisation, including at least one micro, small or medium-sized business (SME).
In this article, I have explained which companies are eligible for the Faraday Battery Challenge, exactly how much funding you can apply for, and what the application process looks like.
For a quick, no-hassle assessment of your eligibility for this competition, just get in touch. Our grants experts would be happy to tell you whether you qualify for this grant and how likely you are to win funding.
Who is eligible for the Faraday Battery Challenge, Round 6?
Eligibility depends on both your project and your organisation.
Like many competitions, this round of the Faraday Battery Challenge – the sixth so far – is split into multiple strands.
There are two in this case: Feasibility studies and Collaborative R&D or ‘CR&D’.
The two strands support slightly different kinds of projects, which I’ve broken down below.
Projects
| Project Aspect | Feasibility Studies | CR&D |
|---|---|---|
|
Total costs |
£100,000 - £750,000 |
£300,000 - £2.5 million |
|
Start by |
1 November 2023 |
1 November 2023 |
|
End by |
31 October 2024 |
31 January 2025 |
|
Last for between |
3 and 12 months |
6 and 15 months |
Also, for both strands, you must:
- Carry out all of your project work in the UK
- Intend to exploit the results from or in the UK
Company and Project Team
To be the lead organisation for either strand, you must:
- Be a UK-registered business of any size
- Collaborate with at least one other UK-registered organisation
- Be, or involve in your consortium, an SME
To be part of a consortium applying to the Faraday Battery Challenge, you must be a UK-registered:
- Academic institution
- Business of any size (baring in mind the requirement that your consortium must include at least one SME)
- Charity
- Not for Profit
- Public sector organisation
- Research and technology organisation (RTO)
How much funding can I access through the Faraday Battery Challenge?
Grants work by reimbursing organisations a percentage of their project costs.
How much you can apply for depends on your organisation’s type (whether it’s a business, charity, etc.) and, if it’s a business, its size.
Let’s look at funding for businesses first.
| Company Size | % of Costs Funded |
|---|---|
|
Micro and Small |
70% |
|
Medium |
60% |
|
Large |
50% |
As you can see, like the vast majority of grant competitions, the Faraday Battery Challenge will not reimburse you for 100% of your costs. This means you will need to secure and demonstrate you have access to ‘match funding’, i.e. capital from other sources to finance the remainder of your costs.
Also, like most grants, this competition offers more funding for smaller businesses. Not sure whether you’re a micro, small, medium or large business? Check out this detailed blog.
Meanwhile, Je-S registered institutions can get grant funding covering up to 80% of their full economic costs.
RTOs, charities, not-for-profits, public sector organisations and research organisations can access grants covering up to 100%.
How do I apply for the Faraday Battery Challenge?
The application for the Faraday Battery Challenge has four sections: Project Details, Application Questions, Finances, and Project Impact.
Here’s what’s included in each section.
1. Project Details
In this section, you’ll need to provide Innovate UK with a range of background information about your organisation, consortium, and project. It is not marked.
2. Application Questions
This is the most important part of the application. It consists of 13 questions, all of which are scored apart from question 1, and covers a variety of subjects, including your approach, your team, the wider impacts of your technology, and sustainability.
Your answers to this section ultimately decide whether your application is successful. If you want help building an application or strengthening a submission you’re already working on, just get in touch.
We offer a range of services for a variety of needs and budgets, all of which can dramatically improve your chances of receiving a sizable grant
3. Finances
Here, each organisation in your consortium must disclose their project costs.
4. Project Impact
This section asks for information about your project’s contribution to the UK economy, society and environment.
It isn’t scored but does provide background information Innovate UK will use to assess your suitability for funding.
Free assessment, expert support
If you are working on an innovative battery technology-related project, Round 6 of the Faraday Battery Challenge is an excellent opportunity for you to secure a sizable grant that will propel your ideas towards commercialisation.
If you would like to know for sure whether you’re eligible for the Challenge, get an unbiased assessment of your chances, or strengthen your application with expert support, GrantTree can help you.
Our innovation grants team has an industry-leading application success rate of 65% and has helped companies secure more than £50 million from highly-competitive programmes.
To speak to one of our team, just get in touch.
