Government EV charging fund to help ‘unleash the power of the market’

The government’s EV charging fund is to have a broad scope, looking at “all geographical areas” of the UK, all charging speeds and a variety of use cases.

The £400 million Charging Infrastructure Investment Fund (CIIF), which is managed by Zouk Capital, was formally launched today (7 October 2019). The government is providing £200 million, with the rest to come from private investment.

The maiden investment of £35 million, then matched by the government, was put forward by Masdar last month, helping finance the installation of 3,000 rapid chargers.

However, it’s not only rapid chargers that will be funded.

Samer Salty, managing partner of Zouk Capital, confirmed that the fund intends “to cover as much as possible of the UK’s geography” to ensure that drivers have confidence to travel anywhere.

This was echoed by Philippa Eddie, commercial specialist at the Infrastructure and Projects Authority, who said that from a policy perspective, the plan is to look at “all geographical areas” and “all speeds”, despite the initial investment into rapid chargers. However “ultimately its for Zouk Capital to decide” on where the investment goes and where the remaining private investment comes from.

Read more: Current News

Leave a Reply

%d bloggers like this: