Downing launches £1.6bn electric vehicle project
DOWNING is launching a £1.6bn electric vehicle project that will be available to retail investors on its crowd bond platform.
The investment manager said on Tuesday that the project is aiming to create a world-first 2GW network of grid-connected batteries and rapid electric vehicle (EV) charging stations across the UK.
The battery technology, which is developed by Pivot Power, will be used for both the EV charging stations and as a new storage capability for energy network operator National Grid.
The programme is expected to cost £1.6bn over a period of up to five years and Pivot Power is aiming to have operational batteries at 10 sites in around 18 months, subject to regulatory approval.
The investment offer will be available on the Downing Crowd platform and is expected to be open to members of the public in autumn 2018.
“The prospects of a future ban on petrol and diesel vehicles, coupled with a threat of a potential energy crisis, means Pivot Power is extremely well positioned to help take the UK economy forward,” said Julia Groves (pictured), head of Downing Crowd and partner at Downing LLP.
Read more: Downing enters property development space with Funding Circle hires
“Through our partnership with the Pivot Power team, we have developed an exciting and robust business plan that will help drive down the cost of power and democratise the ownership of these battery storage assets.”
Read more: Downing Crowd launches £3.95m biogas bond
Downing said that further details of the project will be supplied in due course, including progress with the first battery project.
“Our batteries will provide the infrastructure to underpin clean air policies while introducing valuable flexibility into the energy system,” said Matt Allen, chief executive of Pivot Power.
Read more: Downing Crowd launches two £10m crowd bonds
