British energy firm BP revealed plans Monday to invest £50 million (about $61 million) in a new electric vehicle (EV) battery research and development facility in the United Kingdom to support the country’s pivot to cleaner forms of energy.
Slated to open in 2024, the location in Pangbourne, Berkshire, UK will feature an EV battery testing center and an analytical laboratory. The existing site is the global headquarters of BP’s Castrol business and carries out R&D activities on fuels, lubricants, and EV fluids.
“We’re backing Britain. We’re fully committed to the UK’s energy transition. This additional investment will help accelerate the transition to EVs by developing solutions to help decarbonize the transport sector,” Louise Kingham, head of country, UK for BP, said in a company release.
Once operational, the new assets will support the development of fluid technologies and engineering for hybrid and fully battery electric vehicles. BP’s Castrol ON advanced EV fluids help to manage temperatures within the battery and improves charging speed and efficiency. E-Fluid technologies and engineering also have applications in other industries like thermal management in data centers.
“This significant new investment will now allow us to build additional strategic technologies and capabilities to further advance EV fluids for the future. The facilities will also be an amazing showcase to demonstrate our integrated technology expertise to customers as we help drive the transition to EVs,” said Michelle Jou, CEO, Castrol, in a statement.
BP’s new site will collaborate with car manufacturers and suppliers to co-engineer new battery technology and related thermal management fluids.