In an historic move of joint venture between the UK and China solar industries there is to be a large research and development of renewable projects between the two countries that will ultimately look to produce hugely beneficial renewable long term goals.
How Could Joint UK And China Deal Change The Industry For Both
While initially the level of investment between the two countries is relatively small the potential of the future impact this could have to both economies could be hugely beneficial given the appetite for energy change by both involved. With both countries being ranked in the top ten of the attractiveness for renewable investment its clear that the subsequent projects success as a result of the venture could lead to allot more future investment into both countries.
Development Is Key
With the key initial outline of the project surrounding manufacturing and development the venture is looking to establish technology advances within the renewable sector that will ultimately be deployed into large scale projects. With the details of the memorandum of understanding (MoU) to supply approx £7M yearly to the venture it is clear that this is more of an exploratory venture with advances to the technology as said being the clear goal.
How Will The UK And China Renewable Venture Work
With both countries being acknowledged amongst leaders within the field it hope that a meeting of minds plus the manufacturing capabilities of the Chinese economy can produce the next wave of renewable technology that can be deployed at a cost efficient price. We constantly review the technology advances within the sector and it is such practices that we have highlighted regarding solar power modules, cells and storage are the key areas where the projected is looking to make inroads.
Will The New Venture initiate Any Renewable Projects
Given the finance on the table it’s unlikely that any forth coming joint projects of a large scale will be setup, however trials and test cases around the new technology are very likely and it’s such test cases that will be needed to entice future investment within the venture. Whether this remains a closed projects or within time outside investment based around the projects success has yet to be clarified. The current deal struck between the invested parties National Natural Science Foundation of China (NSFC) and the UK’s Engineering and Physical Sciences Research Council (EPSRC) has stated this is purely a development project with a three year timescale and any expectations of continuing the venture at this stage would be purely premature.
Investment Is Key To Long Term Success
While no long term plans have been clarified what is clear is that both involved are committed to the long term investment within the sector. With the UK budget alone for scientific R and D standing at over £4B and with the Chinese renewable market becoming one of the market leaders in development and distribution it’s clear that great things are expected within the solar pv power industry regarding the out coming of this joint venture.
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