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Summary
- Ofgem to invest £300 million for the expansion of the charging network of electric vehicles in the UK.
- Investment would be in low carbon projects that would include help to build over 3,500 charging points.
- The energy regulator said that another 1,750 charging points would be supported in cities and towns.
England’s energy regulator Ofgem would be investing £300 million for the expansion of the charging network for electric vehicles in the UK. The watchdog would be investing in several low carbon projects that would include help to build over 3,500 charging points.
The funding would help energy networks to strengthen the electricity infrastructure required for the installation of charging points throughout UK motorways. The funding is part of £40 billion commitment and would support over 200 low carbon projects to help the UK to develop more electric transport.
Presently, 918 ultra-rapid charging points exist in the UK and can provide a 100 miles range to one electric car in about half an hour. The new funding would help build the infrastructure required to support an additional 1,800 ultra-rapid charging points throughout motorway service areas.
The watchdog said that another 1,750 charging points would be supported in cities and towns. The investment would be spread across the next two years. It also highlights the fact that UK’s substations, cables, and other supporting infrastructure require an overhaul so that it can cope with increasing demand.
Ofgem said that places like Kirkwall, Glasgow, Llandudno, Warrington, Truro, and York would benefit from the capacity expansion due to the investment.
Let us have a look at the 2 biggest FTSE AIM UK 50 Index listed alternative energy stocks by market capitalisation:
ITM Power Plc (LON:ITM)
The shares of the hydrogen energy solutions company were down 2.71 per cent trading at GBX 368.40 on 24 May at 11:40 GMT+1. The company has a market capitalistaion of £2,073.78 million. Meanwhile, FTSE AIM UK 50 Index was up 0.12 per cent at 6,677.69.
Also read: Why EV revolution may not be as green as we think
(Source: Refinitiv, Thomson Reuters)
The company’s total income for the half year period ended 31 October 2020, was up 16 per cent to £4.4 million from £3.8 million in the same period a year ago. Its revenue was down 92 per cent to £0.2 million from £2.4 million in the same period a year ago, primarily due to final installations of projects getting delayed due to the pandemic.
Ceres Power Holdings Plc (LON:CWR)
The shares of the fuel cell technology company were down 4.63 per cent and were trading at GBX 1,032 on 24 May at 11:36 GMT+1. The company has a market capitalisation of £2,056.21 million.
Also read: Is the Crypto Grass Greener? The Search for ‘Greener’ Cryptos
(Source: Refinitiv, Thomson Reuters)
For the 18 months ended December 31 December 2020, the company’s revenue and other income increased to £33 million from £16.4 million in the 12 months ended 30 June 2019. The company’s gross profit increased to £21.3 million from £11.5 million in the 12 months ended 30 June 2019.
The company’s order book stood at £54.3 million and reported a strong pipeline worth £44.4 million on 31 December 2020.
