The U.K. government has launched a £400 million ($493 million) fund that will be used to more than double EV charging infrastructure within the United Kingdom.
The Charging Infrastructure Investment Fund (CIIF) will be managed by Zouk Capital.
The fund will invest in U.K. companies and platforms across the public electric vehicle charging sector, with the goal of enabling faster expansion of public EV charging networks and increasing the amount of capital invested in the sector.
According to the government, the first £70 million ($86 million) will be provided by the government and Masdar, an investor in UAE renewables, allocated for 3,000 charge points.
The government also announced that it will commit £31.5 million ($38.8 million) to research technologies that will remove greenhouse gases from the atmosphere, as well as an additional £22 million ($27 million) to research new air pollutants and how to minimize their effects on public health.