The UK government has formally unveiled its new £400 million Charging Infrastructure Investment Fund (CIIF), boasting a maiden investment from UAE renewables investment group Masdar.
That investment, provided by both the government and Masdar, is valued at £70 million and will be used to more than double the UK’s rapid charge point infrastructure over the next five years.
It’s intended that the investment will take the number of rapid chargers installed in the UK to 5,000, of which 2,000 are already installed.
Milton Keynes ‘Mushrooms’ Charging Hub (Image: T. Larkum)
The CIIF was first announced in July 2018, prompting a lengthy search for a fund manager. Zouk Capital was then announced as the government’s preferred bidder in February this year, and has now been formally handed the reins to the CIIF.
Speaking to Current± after that news, Zouk senior partner Colin Campbell said its fundamental interest would remain in charging networks and EV charging technologies.
Government has also today announced a review to explore EV charge point infrastructure across major road networks, which is aimed to educate investment destinations.
Read more: Current News