Abu Dhabi Future Energy Company (Masdar) together with the UK government have invested £70 million ($86.48 million) in a new green technology fund.
The UK treasury has launched a £400 million fund, CIIF, to bolster Britain’s electric vehicle charging infrastructure, with the first £70 million provided by government and UAE renewables investor Masdar - allocated for 3000 charge points, Masdar said in a statement.
“This more than doubles the number across the UK to 5000. The fund is managed by London-based Zouk Capital,” the statement added.
The investment by Masdar, which is wholly-owned by Abu Dhabi’s Mubadala Investment Company, will create 3,000 new rapid charge points.
Charge point is an infrastructure that supplies electric energy for recharging plugged-in electric vehicles.
Rapid charge points can recharge a family car in 20 minutes, compared to existing technologies which can take up to 40 minutes.