Nilar, a Sweden-headquartered producer of nickel metal hydride chemistry batteries aimed to compete with lithium-ion and lead acid, will receive €47 million (US$55.45 million) in funding from the European Investment Bank (EIB).

There is no economic benefit from installing energy storage with solar PV in UK homes, a new study has suggested, adding that the cost of battery degradation would cost homeowners £400 (US$518) in the first year.