The owner of Virgin Media has launched a new company to roll out on-street residential electric vehicle (EV) charging points in the UK.
Investment firm Liberty Global Ventures, which owns the media giant, will ‘leverage’ Virgin Media’s broadband infrastructure network to build the charging points.
Zouk Capital are joint partners in the venture. They are currently the manager of the Charging Infrastructure Investment Fund (CIIF), the dedicated fund established by the UK government in 2019 and backed by HM Treasury to help develop public charging infrastructure points for electric vehicles throughout the UK.
According to research, more than 40% of urban vehicle owners dont have access to a driveway they could use to charge an EV.
Virgin Media is also currently rolling out its Park and Charge (VPACH) project, which aims to deploy 1,200 charging sockets in towns and cities across the country by early 2021.
Jason Simpson, Vice President Global Energy and Utilities for Liberty Global, said: ‘This investment from Zouk re-enforces our belief that there is significant value in leveraging Virgin Medias wide ranging infrastructure and connectivity capabilities into new and fast-growing sectors such as eMobility and Energy.
‘Zouk Capital is the perfect partner in this venture thanks to their sector expertise and focus on sustainability. We look forward to working with them to help drive electric vehicle adoption in the UK.’
Massimo Resta, Partner at Zouk Capital, said: ‘CIIFs central objective is to scale open-access, public EV charging networks for the UK consumer and this is exactly what Liberty Charge will achieve for the thousands of car owners, who do not have access to off-street parking.
‘Liberty Globals infrastructure deployment capabilities and Virgin Medias extensive connectivity network make it perfectly positioned to rapidly deploy on-street residential charging in UK towns and cities, and we are excited to be partnering with them on this opportunity.’
Photo Credit – Pixabay