First investment in UK fund that will help to develop UK electric vehicle infrastructure

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UK Treasury has launched a new GBP 400 million (USD 494.08 million) fund Charging Infrastructure Investment Fund (CIIF) to support electric vehicle charging infrastructure. It is aimed at helping to increase the uptake of electric vehicles (EVs) in the UK. GBP 200 million (USD 246.63 million) will be raised from the private sector and GBP 200 million (USD 246.63 million) from the UK Government.

The fund is managed by Zouk Capital which was chosen in a detailed bidding process. The company has extensive experience in the EV charging infrastructure sector in the UK. The fund will be invested in UK companies and platforms that comprise all elements of public EV charging infrastructure in order to make a commercial return for the UK Government and private sector investors.

The first investment of GBP 70 million (USD 86.32 million) was provided by the government and UAE renewables investor Abu Dhabi Future Energy Company (Masdar). This amount will create 3000 charge points. This increases the number of point across the UK to 5000 by 2024.

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 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. This is part of the Government’s ambition to end the sale of petrol and diesel vehicles by 2040.

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