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Tue 10 Sep 2019 02:39 PM

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UAE's Masdar partners with UK government to invest in new tech fund

Abu Dhabi-based Masdar is among the first to invest in fund to bolster Britain's electric vehicle charging infrastructure

UAE's Masdar partners with UK government to invest in new tech fund
The Treasury has launched a £400 million fund to bolster Britain’s electric vehicle charging infrastructure.

UAE-based clean energy giant Masdar and the UK government have invested £70 million ($86.3 million) in a new fund to grow green technologies in the United Kingdom.

The UK Treasury launched a £400 million fund (CIIF) to bolster Britain’s electric vehicle charging infrastructure, with the first £70m provided by Masdar and the UK government - allocated for 3,000 charge points.

This more than doubles the number across the UK to 5,000.

The fund is managed by London based Zouk Capital.

Mohamed Jameel Al Ramahi, CEO of Abu Dhabi Future Energy Company, better known as 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... 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.”

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.

The 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 announced on Tuesday 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.

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 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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