Masdar discusses its contributions to UK electric vehicle charging projects

London 07-10-2019
Representatives of Abu Dhabi Future Energy Company (Masdar), one of the world’s leading investment companies in sustainable development and renewable energy projects, participated in a special event held today in London to discuss Masdar’s contribution to the investment fund in developing the infrastructure for charging electric vehicles.
The event, hosted by the Infrastructure and Projects Authority of the Foreign and Commonwealth Office, was attended by Simon Clarke, British Chancellor of the Exchequer, Khalid Al Qubaisi, Chief Executive Officer, Aviation, Clean Energy and ICT at Mubadala Investment Company and HE Mansour Abdullah Khalfan Belhoul, UAE Ambassador to the UK. Mohammed Jamil Al Ramahi, CEO of Masdar, Matthew Wickerstaff, Executive Vice President of Infrastructure and Projects UK, and Samer Salti, Managing Partner of Zouk Capital.
Masdar, a subsidiary of Mubadala Investment Company, last month became the first commercial investor in the £ 400 million Electric Vehicle Infrastructure Development Fund, which aims to build 3,000 electric vehicle charging stations and double the number of stations by 2010. 2024 as part of the UK’s ambitious targets to stop selling gasoline and diesel vehicles by 2040.
Masdar has invested £ 35m in the fund, equivalent to the British government’s investment in the fund, which is managed by Zouk Capital.
Masdar’s investment in the fund is to develop the infrastructure to ship electric vehicles through a special financing unit that is part of the Abu Dhabi International Financial Center (ADX).
The move reflects the transparent and supportive regulatory environment provided by the Abu Dhabi Global Market and its initiatives and commitment to supporting the green and sustainable finance sector.
In a speech during the event, Khalid Al-Qubaisi stressed that facing the challenges of climate change requires continuous action and attention and commitment from governments and decision-makers at the highest levels and the concerted efforts of all parties concerned.
He pointed out that cooperation between different innovators, technicians, investors and governments would contribute to accelerating the transformation desired in the global energy sector.
He pointed out that the UAE has made great strides in recent decades to become a leader in the field of energy production and clean energy practices and it is essential that we continue to forge partnerships and exchange experiences and knowledge with the rest of the world and benefit from the experiences of others in this context.
For his part, Mohammed Jameel Al Ramahi said Masdar has always attached importance to sustainable mobility projects and its great opportunities. This is reflected in the innovative solutions and systems it uses within Masdar City in Abu Dhabi, which include the world’s first personal rapid transport system, self-driving passenger vehicles and driving vehicles. Special electrics are available upon request.
With the growing popularity and low cost of electric vehicles, it was necessary to provide charging stations if we were to achieve a major breakthrough in the automotive market and look forward to supporting the UK to achieve its ambitious vision in this regard.
He added: “This partnership with the British Government and Zouk Capital has allowed us to contribute to the development of the electric vehicle charging infrastructure sector in order to further our efforts to expand our global portfolio and to reaffirm our continued commitment to supporting the clean energy sector in the UK. It is expected that the global electric car and battery manufacturing sector will be worth about $ 300 billion over the next 5 to 10 years. ”
Samer Salti, Managing Director and Partner of Zouq Capital, said that as part of our long-term commitment to sustainability and leadership in renewable energy investments, we welcome Masdar’s participation as a major investor in the Infrastructure Fund for charging electric vehicles.
Masdar’s contribution to the fund is a continuation of the UK’s successful projects in the UK, where it invests in the London Matrix plant, which generates 630 megawatts of clean electric power, the world’s largest offshore wind power plant, and the Dadjun offshore wind power plant. 402 MW in the UK, Highwind Scotland, the world’s first commercial 30MW floating offshore power plant located off the Aberdeenshire coast of Scotland, as well as ongoing research on the next generation of clean technologies And conducted by the company at the University of Manchester.