|11 September, 2019

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

The investment by Masdar and the UK government will create 3,000 new rapid charge points

The "Beam Down" tower is reflected in a solar panel (L) in Masdar City.

The "Beam Down" tower is reflected in a solar panel (L) in Masdar City.

REUTERS/ Jumanah El-Heloueh

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.

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: “Today’s announcement builds on our track record of successful partnerships in the UK, where we are 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.”

“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,” Al Ramahi added.“

(Writing by Gerard Aoun, editing by Seban Scaria)

(Gerard.aoun@refinitiv.com)

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