Masdar first investor in UK government to help develop charging points for electric vehicles
The fund is managed by London based Zouk Capital
Plans for a cleaner and healthier Britain stepped up a gear , as Ministers announced more than half a billion pounds of investment in green technologies.
The Treasury has launched a £400 million fund, CIIF, to bolster Britain’s electric vehicle charging infrastructure, with the first £70 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.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Abu Dhabi Future Energy Company (‘Masdar’) said: “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,” Al Ramahi added.
“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."
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 £1.5 billion support 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.
Also being announced today is £31.5 million for research into pioneering technologies to remove greenhouse gases from the atmosphere, and £22 million to research new kinds of air pollutants and minimise their effects on public health.