UAE's Masdar, UK government invest $86 million in green technology fund

Source: Zawya

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.

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