New GBP400m fund to invest in UK electric vehicle charging infrastructure
Plans for a cleaner and healthier Britain stepped up a gear today, as Ministers announced more than half a billion pounds of investment in green technologies.
The Treasury has launched a GBP400 million fund, CIIF, to bolster Britain’s electric vehicle charging infrastructure, with the first GBP70 million provided by government and UAE renewables investor Masdar – allocated for 3000 charge points.
This more than doubles the number across the UK to 5000. The fund is managed by London based Zouk Capital.
Rapid charge points can recharge a family car in as little as 20 minutes, compared to existing technology which can take 40 minutes – making the reality of driving electric vehicles
easier and more accessible for people across the country. The UK already has one of the largest electric vehicle charging networks in Europe, and the Government says this investment will help make that the fastest by installing state-of-the-art technology.
A review is currently underway to explore the provision of charge points across major road networks, meaning drivers could charge their car whilst stopping for a coffee at a service station. Today’s investment complements GBP1.5 billion to boost the uptake of electric vehicles and make cleaner vehicles more accessible to everyone. This is part of the Government’s ambition to end the sale of petrol and diesel vehicles by 2040.
The Government has also announced an additional GBP31.5 million for research into pioneering technologies to remove greenhouse gases from the atmosphere, and GBP22 million to research new kinds of air pollutants and minimise their effects on public health.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Abu Dhabi Future Energy Company (Masdar), says: “Today’s announcement builds on our track record of successful partnerships in the UK, where we are already an investor in two of the world's largest wind farms, the world's first utility-scale floating wind park, smart battery storage, and ongoing research and development into next-generation clean technologies.
“As one of the cornerstone investors into the Charging Infrastructure Investment Fund, working alongside the UK's Infrastructure and Projects Authority and Zouk Capital, we hope to encourage closer collaboration between government and the private sector in promoting the wider use of electric vehicles and green transport – here in the UK, the United Arab Emirates, and other counties.
“We also aim to build on the nearly 10 years of experience we have acquired in realising sustainable mobility solutions at Masdar City, our home in Abu Dhabi."
Matthew Vickerstaff, Deputy Chief Executive of the Infrastructure and Projects Authority and Head of Project Finance Profession, said:
“Charging infrastructure will be a crucial part of our journey to Net Zero 2050 and will require substantial investment from the private sector.
“The launch of the Charging Infrastructure Investment Fund today will help accelerate the building of charging points by increasing access to private finance for companies delivering them.”
Samer Salty, Managing Partner, Zouk Capital, says: "The electric vehicle market is currently one of the most dynamic and exciting growth areas to be involved in. With Zouk's long track record in renewable and sustainable investing, we were delighted to have been selected to manage the Charging Infrastructure Investment Fund and are pleased that the first close has been successfully completed.
“In partnership with HM Treasury, the Infrastructure Projects Authority and Masdar, CIIF is an exciting platform backing this nascent sector whilst offering both strong commercial returns and support for the Government's net zero carbon objectives.”