Industry and academia are set to lead the development of the new technologies.
Authorities hope the funding will help to reduce carbon emissions from a range of industries.
Authorities said Monday that the funding would, among other things, help to reduce carbon emissions from industries including transport, construction and energy. The investment comes under the umbrella of something called the Industrial Strategy Future of Mobility Grand Challenge. Targets of this challenge include getting rid of diesel rolling stock from the U.K.'s railways by 2040 and delivering zero-carbon road transport by 2040.
"It will ensure these industries, both large and small, are rooted here in the U.K. attracting inward investment into our manufacturing base," he added.
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