The CIIF is a £400 million investment fund in which £200 million will be raised from the private sector matching another £200 million from the UK Government. The fund was announced in the Autumn Budget of 2017 as part of a package measures aiming to increase UK uptake of EVs, which is expected to play a pivotal role in both the decarbonisation of the UK transport sector and much needed improvement in air quality. Increased uptake will also help to ensure the UK maintains a leading role in the transition to EVs.
The dual policy objectives of the CIIF are to enable faster expansion of public EV charging networks and to increase the amount of capital invested in the sector via a catalytic effect.
London-based Zouk Capital, which has extensive experience in the EV charging infrastructure sector in the UK, was selected after a detailed bidding process run by the Infrastructure and Projects Authority. The fund will be invested in UK companies and platforms that comprise all elements of public EV charging infrastructure in order to make a commercial return for the UK Government and private sector investors.
Subject to negotiations, it is expected that the fund will launch in Spring 2019.
“Today’s announcement is a crucial step in our plans to safeguard our environment” said Robert Jenrick, Exchequer Secretary to the Treasury. “We want to increase the number of electric cars on our roads, but to achieve this we need to ensure drivers have access to the right infrastructure, including charge points. That’s why the Chancellor announced £400 million of investment to make this a reality, revolutionising the way we travel, creating jobs and protecting our natural environment for future generations.”
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