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Masdar partners with UK govt in $86mn boost to electric vehicle charging project

Abu Dhabi sustainability experts aiding $500mn fund to pay for 3,000 extra charging points in the UK

Masdar is helping to fund a $500 million initiative by the UK government to introduce 3,000 electric vehicle charging points across the country.

The UK Treasury said the $86 million contribution to its Zouk Capital-managed Charging Infrastructure Investment Fund (CIIF) in partnership with the Abu Dhabi sustainability organisation will bolster charging infrastructure and take the number of points to 5000.

The UK already has one of the largest electric vehicle charging networks in Europe, and this investment will help make that the fastest by installing state-of-the-art technology, said the Treasury, adding that a review is currently underway to explore the provision of charge points across major road networks

“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,” said Mohamed Jameel Al Ramahi, CEO, Abu Dhabi Future Energy Company (Masdar).

He added that Masdar wants to build on its a decade of experience of development sustainable mobility solutions at Masdar City.

“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.”

$1.85 billion has been allocated by the UK government to boost the uptake of electric vehicles and “make cleaner vehicles more accessible to everyone” as it targets the banning of petrol and diesel vehicles by 2040.

“We are driving ahead with plans to make travel greener while backing British innovation and technology,” said Exchequer Secretary Simon Clarke of the UK Treasury.

“I am delighted to announce this funding today that will more than double the number of rapid charge points for electric vehicles on our roads. Britain already boasts one of the biggest networks of charging infrastructure in Europe and soon we will have the fastest thanks to this investment.

“This is the latest in our proud record on climate change –having slashed emissions by over 40% since 1990, whilst simultaneously growing our economy, and setting an ambitious target for net zero emissions by 2050.”

 

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