Williams has become one a number of companies to secure a grant from the Department of Energy and Climate Change's Energy Entrepreneurs Fund to help with the development of flywheel based energy storage systems.

Williams Advanced Engineering's project is one of 30 that have been awarded grants, with up to ?16 million set to be shared as the first phase of the Energy Entrepreneurs Fund - a ?35 million fund set up last year to encourage innovation amongst those companies working in the low carbon sector.

Williams' energy storage systems have already been used outside F1 at the Le Mans 24 Hours, and outside motorsport in hybrid buses.

"Energy efficient technologies are at the very heart of our diversification strategy and we're delighted to have been successful in our application for the Energy Entrepreneurs Fund," Williams' Group CEO Mike O'Driscoll said. "It is encouraging to see the government support clean technology entrepreneurs in this way and help them bring a range of innovative new products to market.

"The goal is for an energy storage system first developed for a Formula One car to be installed on a power grid within the next two years - demonstrating the increasing relevance of Formula One technology to the wider world."