The CIIF is a £400m investment fund – £200m raised from the private sector will match the £200m from the UK Government. The fund was announced in the Autumn Budget 2017 amongst a package of measures aimed at helping to increase the uptake of electric vehicles (EVs) in the UK. Increased adoption of EVs will play a pivotal role in both the decarbonisation of the UK’s transport sector and much needed improvement in air quality as well as ensuring the UK continues as a global leader in the EV revolution.
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.
The Exchequer Secretary to the Treasury, Robert Jenrick, said:
“Today’s announcement is a crucial step in our plans to safeguard our environment. “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.”
Matthew Vickerstaff, Interim Chief Executive, Infrastructure and Projects Authority said,
“I am pleased to confirm that we have entered into exclusive negotiations, on behalf of HM Treasury, with Zouk Capital LLP as sole fund manager for the Charging Infrastructure Investment Fund. “Subject to these negotiations and detailed due diligence, we hope to launch the fund in Spring 2019.”
Samer Salty, Managing Partner of Zouk Capital said,
“We are delighted to have been selected as preferred bidder by the UK Government for this important mandate to create the Charging Infrastructure Investment Fund. The CIIF sets the UK Government at the forefront internationally of support measures required for the electric vehicles ecosystem to flourish. This fund will build a lasting public EV charging network that runs on clean energy, is fully open access and highly reliable to meet the needs of EV drivers today and give those yet to join the EV revolution the confidence to do so.