Following the agreement, the UK Ministry of Finance will provide $484 million in funding to ensure the nation’s grid infrastructure is able to support the growing number of EVs and autonomous vehicles.
The capital will be used to fund clean energy projects to ensure the UK contributes at least 12 to 15GW of electricity to boost grid reliability.
The money will fund development of EV charging stations as well as manufacturing of EVs and autonomous vehicles.
In addition, the UK government agreed to draft and implement policies to support an increased manufacturing of EVs, EV infrastructure development and the adoption of UK manufactured EVs, locally and abroad.
Ralf Speth, CEO of JLR said his firm will take advantage of the support from the UK government to reach its target of manufacturing one million EVs by 2020.
[quote] The JLR and the UK government partnership is expected to improve the UK economy by creating 10,000 new jobs and help the region meet carbon emission reduction targets.
Local utility companies are set to benefit from the funding in optimising their operations and customer services by increasing their clean energy portfolio and providing customers with affordable energy.
The funding falls under efforts by the UK government to ensure the UK benefits from the global EV market which it forecasts to generate revenue of up to $1.1 trillion by 2025.
EV infrastructure development
In related news, US utility Burlington Electric Department (BED) announced that it will continue implementing measures to increase adoption of EVs while ensuring grid reliability in its service territory.
The utility firm will install two 240V dual port EV charging stations at a local shopping mall in New North End, Burlington in Vermont state.
The development of the two EV charging stations will increase the number of charging stations installed by the utility in its service territory to 24.
The project falls under BED’s efforts to reduce carbon emissions from the transportation and energy sectors.
The installation of the two EV charging stations is in line with the utility’s response to findings of a survey implemented in September.
45% of participants of the survey highlighted their interest in having the charging stations located at North End shopping more ahead of other shortlisted locations with inadequate supply of EV charging stations.
Image credit: www.deccanchronicle.com.