Masdar, the UAE-based clean energy company, has invested £70mn ($86.3mn) in a new fund to grow green technologies in the United Kingdom, according to an announcement made by the company on Tuesday.
The UK Treasury’s £400mn Charging Infrastructure Fund (CIIF) is being managed by London based Zouk Capital and has been initiated to give a boost to the country’s charging infrastructure for electric vehicles.
The first £70mn, provided by Masdar, has been allocated to 3,000 charge points, which will double the number across the UK to 5,000.
Speaking on Masdar’s partnerships, Mohamed Jameel Al Ramahi, CEO of Abu Dhabi Future Energy Company (Masdar) said that this move bolsters the company’s track record of establishing successful partnerships in the UK.
Masdar is 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.
He said, “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.”
Also speaking on the occasion, UK’s 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 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.”