Asian battery boom threatens to pull plug on UK innovation

August 27, 2018 imhub UK 0

Asian battery boom threatens to pull plug on UK innovation

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A boom in production of lithium-ion batteries in Asia could curtail innovation in the UK’s thriving energy storage technology industry, according to one of the country’s leading investors in clean technology.

Alex O’Cinneide, chief executive of Gore Street Capital, the investment adviser of Gore Street Energy Storage Fund, the world’s first ­energy storage fund, says booming demand for electric vehicles is driving up production of lithium-ion batteries in Asia and causing the price of the technology to drop sharply.

Mr O’Cinneide says surging production is reshaping the economics of the industry, as manufacturers in Asia seize what they view as “a market opportunity to ­replace every car engine…

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