A second funding round in seven months has raised a further £80 million from private backers for a the government’s campaign to part finance Britain’s electric vehicle charging infrastructure.
Zouk Capital, fund managers for the government’s Charging Infrastructure Investment Fund (CIIF), say it’s on track for raise £400 million.
The public-private CIIF grew from an initiative in the 2017 Budget to boost EV charging and strengthen underlying connectivity. The Treasury committed to match private investment pound-for-pound.
For the second round, the Church Commissioners acted as anchor investors, committing £40 million. Their presence, plus the government’s pledge for parity investment, drew a matching total from smaller investors.
Zouk capital founder, Samer Salty, suggested investors are keen to put their money into EV charging networks.
“We see no shortage of investors who believe in the long-term fundamentals of the CIIF. It is underpinned by the need to rapidly decarbonise the UK’s transport sector and improve air quality, which creates an opportunity to make environmentally impactful financial returns through the creation of these large renewable energy powered public EV charging networks,” said Salty.
“We are delighted to welcome new investors to the fund who share in our belief in both the commercial opportunity in electric vehicle infrastructure and the importance of decarbonisation.”
The first CIIF campaign last September raised £12 million for recharging installers Instavolt. The Hampshire-based company is now using the money to install 5,000 rapid DC charge points nationwide.
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