Masdar chiefs flew into London to discuss the firm’s investment in the UK government’s $491million Charging Infrastructure Investment Fund.
Last month the Mubadala Investment Company subsidiary pledged $43million to the fund, becoming the first commercial investor to a scheme which aims to more than double the country’s electric vehicle charging infrastructure with 3,000 new rapid charge points by 2024.
To be managed by Zouk Capital, Masdar’s investment is to be matched by the UK government.
Speaking on the back of an event hosted by the Infrastructure & Projects Authority at the Foreign and Commonwealth Office in Whitehall, Mubadala’s Khaled Al Qubaisi said: "While there is no doubt that climate action requires sustained attention, high-level political commitment and a multilateral response, it is collaborations such as this one, between innovators, technologists, investors and governments, that can accelerate the transformation of the global energy sector.
"The UAE has made huge strides in recent decades to become a leader in energy production and green energy practices, but it is essential that we continue to partner, share our knowledge with the rest of the world, and learn from other countries."
Masdar’s involvement in the fund builds on the company’s successful UK track record, where it also has investments in the 630MW London Array, one of the world’s largest offshore wind farms in operation, the 402MW Dudgeon offshore wind farm in England, and Hywind Scotland, a 30MW floating wind power development situated near the coast of Aberdeenshire.
"At Masdar, we have long appreciated the potential of sustainable mobility, as illustrated by the innovative solutions hosted at Masdar City in Abu Dhabi, from the world’s first personal rapid transit system, to autonomous and driverless shuttles, to on-demand private electric vehicles," said Mohamed Jameel Al Ramahi, Masdar CEO.
"With electric mobility becoming both more affordable and acceptable to consumers, accessible public charging infrastructure is a necessity if electric vehicles are to achieve large-scale penetration of the car market, and we are eager to support the UK’s bold vision."
"Masdar’s entrance into the EV charging infrastructure sector, thanks to the support of the UK government and our partners at Zouk Capital, is a logical extension of our global portfolio and a sign of our continued commitment to the UK.
"It is also a commercial investment in a promising sector, with an estimated $300billion earmarked for the manufacture of electric vehicles and batteries globally over the next five to 10 years."