Abu Dhabi's Masdar invests in UK electric vehicle charging fund
UAE renewables giant commits $87m for Charging Infrastructure Investment Fund to bolster Britain's charging network
UK ministers announced their investment of more than $626.1m (AED2.3bn) into green technology, with financing worth $86.5m (AED318m) to be provided by UAE renewables investor Abu Dhabi Future Energy Company (Masdar) toward a $494.1m (AED1.81bn) fund named Charging Infrastructure Investment Fund (CIIF) to bolster Britain’s electric vehicle charging infrastructure, with the monetary value of the fund – to be managed by London’s Zouk Capital – equivalent to 3,000 rapid charge points that can recharge vehicles in 20 minutes – compared to the 40 minutes required by existing electric vehicles charging technology.
Remarking on Masdar's investment, chief executive officer, Mohamed Jameel Al Ramahi, told UAE state news agency Wam that the development built on Masdar's "track record of successful partnerships in the UK".
Al Ramahi added: “[In the UK, 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 CIIF, 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 UAE, and other countries.
"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.”
Exchequer Secretary, Simon Clarke, said: “We are driving ahead with plans to make travel greener while backing British innovation and technology.
"I am delighted to announce this funding today that will more than double the number of rapid charge points to 5,000 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.”
Transport Secretary, Grant Shapps, added: “It’s fantastic there is already a rapid chargepoint at almost every motorway service station, and now more charging stations than petrol stations. But I want to see thousands more charge points installed across the UK.
"This fund will help drum up further investment in charging infrastructure from the private sector, so charging an electric car becomes as easy as plugging in a smartphone.”