Government Boosts Investment in EV Sector for Faster Growth

Welcome, Net Zero News readers,
In a significant stride towards a greener future, Chancellor of the Exchequer Rachel Reeves is set to unveil a £55 million boost for on-street electric vehicle (EV) charging infrastructure today. This announcement comes amidst reports that the UK Government is also gearing up to provide support for electric vehicle purchases, a move expected to accelerate the transition to cleaner transport.
The funding for charge points will be sourced from the government’s National Wealth Fund (NWF), which will take an equity stake in the innovative firm Connected Kerb. In addition, Aviva Investors will contribute an extra £10 million, elevating the total investment to an impressive £65 million aimed at enhancing the delivery of public charging facilities.
This substantial investment marks one of the inaugural announcements under the NWF’s expanded remit, signalling the UK Government’s steadfast commitment to the electric vehicle sector and the broader charging industry as the nation strides towards its ambitious targets for 2030.
Connected Kerb is poised to leverage this fresh wave of funding to quadruple its public charging sockets to a remarkable 40,000. The company describes this investment as “critical for delivering the forecast requirement of at least 300,000 public EV chargers by 2030.” This ambitious expansion is not just about numbers; it’s about ensuring that EV charging becomes accessible to everyone, particularly those who do not have off-street parking.
The announcement arrives alongside reports from the Financial Times, suggesting that the UK Government is in discussions with the automotive financial sector to facilitate low or even interest-free loans for electric vehicle sales. By underwriting these loans, the government aims to reduce the financial burden on drivers, thereby lowering the overall cost associated with purchasing an electric vehicle.
These developments are particularly timely as they precede the anticipated outcomes of the government’s consultation on the Zero Emission Vehicle (ZEV) Mandate and the impending 2030 phase-out of petrol and diesel vehicles, set to be revealed next month.
Last week, Chancellor Reeves indicated her intention to introduce a new approach for the NWF and the Office for Investment (OfI), which aims to collaborate with local leaders to create pipelines of investment and projects that align with regional growth priorities. This initiative underscores the government’s recognition of the necessity for localised strategies in achieving national sustainability goals.
As part of this strategy, the NWF will trial Strategic Partnerships in key regions including Greater Manchester, West Yorkshire, the West Midlands, and Glasgow City Region. Concurrently, the OfI will pilot a similar approach in the Liverpool City Region and the North East Combined Authority, ensuring that these areas connect effectively with central government and industry expertise to unlock private investment.
Chris Pateman-Jones, CEO of Connected Kerb, expressed his enthusiasm for the investment, stating: “This investment combines Connected Kerb’s proven hardware and advanced software infrastructure with the financial resources of NWF and Aviva to deploy public charging at scale, to all corners of the UK. This is a game-changing investment that will give individuals and businesses the confidence to make the switch to driving electric, dramatically reducing carbon emissions and air pollution. We are delighted to have such high-profile investors who are deeply aligned with our sustainability and ethical goals.”
John Flint, CEO of the National Wealth Fund, echoed this sentiment, emphasising the importance of making the transition to electric vehicles as seamless as possible. “To get to net zero, we need to make it as easy as possible for people to change the way they do things. Providing convenient and reliable on-street charging is key to helping those without driveways make the switch to electric vehicles. Our investment in Connected Kerb will support one of the UK’s leading public charge point operators to continue its network expansion and deploy this much-needed EV charging infrastructure at pace and at scale to homes and businesses across the country,” he stated.
Angenika Kunne, Head of Infrastructure Equity at Aviva Investors, also highlighted the importance of this investment in facilitating the transition to electric vehicles. “We are pleased to continue to support the journey to net zero with our ongoing support of Connected Kerb. Our increased commitment reflects our belief in Connected Kerb’s position as a leading EV charging network providing reliable end-user solutions to enable the transition to electric vehicles for the mass market. The unique offer of Connected Kerb’s advanced site selection and user software provides a compelling proposition for both Aviva Investors clients and the end user,” she remarked.
Future of Roads Minister Lilian Greenwood celebrated the announcement, noting the rapid expansion of the charge point network. “Our charge point network is going from strength to strength, and it’s brilliant to see Connected Kerb secure a £65 million boost to expand its charging network – a great vote of confidence in the EV transition. The funding follows a record of nearly 20,000 public charge points added last year,” she stated. “With a further £6 billion in the pipeline from industry by 2030, the switch to EVs is driving investment across the country, supporting jobs and making the UK a clean energy superpower to deliver our plan for change.”
Juliet Davenport, Chair of Connected Kerb, expressed pride in receiving such substantial backing from the National Wealth Fund and Aviva Investors. “We are incredibly proud to receive this substantial investment from the National Wealth Fund and Aviva Investors. This funding will enable us to significantly expand our EV charging network, making electric vehicle charging accessible to everyone, especially those without driveways. This investment not only supports our growth but also aligns with our commitment to reducing carbon emissions and promoting flexible clean energy solutions across the UK,” she stated.
As we stand on the cusp of a transformative era in transportation, the significance of accessible EV charging infrastructure cannot be overstated. With the government’s commitment to supporting this transition, alongside private investments from firms like Aviva Investors and the strategic efforts of companies like Connected Kerb, we are moving closer to a future where electric vehicles are not just a viable option but a mainstream choice for all.
The journey to net zero demands collective action and investment, and today’s announcement is a crucial step in ensuring that the necessary infrastructure is in place to support the growing number of electric vehicles on our roads. Let us celebrate this significant milestone and continue to advocate for sustainable solutions that pave the way for a cleaner, greener future.