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27 April 2004 - A £3.2m ($5.7m) funding package from the UK's Department of Trade & Industry (DTI) was announced Monday, which will be used to develop fuel cell technology in a bid to make it a more efficient and economically viable energy source.
Energy minister Stephen Timms, speaking at the Renewables Investment Summit in London, hailed the announcement as a sign of the Government's commitment to the growing renewables market.
"This is yet another example of the wealth of opportunity for investment in the renewables industry," Mr Timms said.
"The funding offers the prospect of both technical advances and the development of a UK supply chain, crucial to the future viability of this technology.
"I am delighted we have been able to play such a role in encouraging fuel cell's contribution to our Kyoto targets."
Some 100 key players from the investment community are attending today's summit, organised to provide a forum for investors to meet key Government and industry contacts.
"The wealth of interest in this summit sends me the clear message that the investment community is listening, engaged and willing to invest," Mr Timms said.
"The environmental case is made - climate change is for real and poses an immense threat to the world we are living in - but I am here today to say I believe the business case is made too.
"Our recent Renewables Innovation Review was very clear on the future costs of all renewables technologies and we can see that renewables offer the best opportunity for the new capacity we need. Government commitment is also clear.
"In other words, renewables represent a fantastic investment opportunity and I am here today to put that case to investors first hand."
The fuel cell techonology funding has been awarded to Johnson Matthey Fuel Cells Ltd. Jack Frost, head of Johnson Matthey Fuel Cells Ltd said: "We warmly welcome this grant which reflects the Government's and Johnson Matthey's commitment to building a world class fuel cell industry here in the United Kingdom.
"The Membrane Electrode Assembly is the component at the heart of the PEM fuel cell. Developing the catalyst and materials technology embodied in this critical component is the key to making fuel cell cars a commercial reality.
"We are confident that this project will make significant progress towards achieving the targets for fuel cell cars."
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