Management of 拢400 million electric vehicles charge fund opens to bidders
Bidding opens for the management of the Government's Charging Infrastructure Investment Fund
- The Charging Infrastructure Investment Fund will support businesses to build electric vehicle charge points across the country and boost jobs in the industry.
- The move will make it easier for the public to own an ultra-low emission car, helping to improve air quality and protect the environment.
Bidding has opened today for the management of the Government鈥檚 拢400m Charging Infrastructure Investment Fund, marking a significant milestone in the future roll out of electric vehicles across the UK.
The fund will enable businesses to access the finances they need to build more charging points, making it easier and more viable for the public to make the switcher to cleaner, ultra-low emission cars.
The bidding process follows the launch of the Road to Zero Strategy which sets out the government鈥檚 long term plan to have at least half of new cars be ultra-low emission by 2030 and all new cars and vans be effectively zero emissions by 2040.
The Exchequer Secretary to the Treasury, Robert Jenrick, said:
鈥淲e want the UK to be a world leader when it comes to the number of electric cars on our roads. Uptake is increasing and we want the opportunity to own an electric vehicle to be available to all.
鈥淏ut crucial to encouraging the take-up of these cars across the country is increasing people鈥檚 access to charging points. We want to scale up at pace and ensure interoperability for ease of use.
鈥淭his fund is a vital step in our mission to change the way we travel, create new jobs and protect our environment for future generations.
鈥淭his builds on our ambitions set out in The Road to Zero to encourage new homes to be built with charging-points.鈥�
The Chancellor announced at Budget 2017 the new 拢400 million fund to increase the rollout of electric vehicle charging points and catalyse the available financing market. The fund is made up of 拢200 million of government investment, which is to be matched by another 拢200 million from the private sector.
The Request for Proposals (RFP) published today sets out the Treasury鈥檚 requirements and the necessary information for fund managers to submit a bid. The successful fund manager will be appointed to raise and manage this investment fund on behalf of the Treasury.