Abu Dhabi National Energy Company (Taqa) and Adnoc Distribution, the UAE’s largest fuel and convenience retailer, are partnering to create a joint venture that will build and operate electric vehicle (EV) infrastructure in Abu Dhabi. The new company, E2GO, aims to become the main provider of EV charging points and associated infrastructure in the UAE capital.
The partnership will include a network of fast chargers at key locations, with associated solutions such as parking and tolling services, as well as related digital platforms to boost EV charging. It will also create new revenue streams for the two companies as the UAE focuses on becoming net zero by 2050.
Demand for EVs in the UAE is projected to grow at a compound annual rate of 30% between 2022 and 2028, according to the global electric mobility readiness index published in 2022. An estimated 70,000 charging points are needed in Abu Dhabi by 2030 to meet growing EV demand, with an investment of up to $200m, according to the statement.
Last year, Abu Dhabi released the regulatory policy for EV charging infrastructure in the emirate, which includes the principles governing ownership, installation and management of electric vehicle supply equipment, power supply to the charging installations and the pricing mechanism for end customers.
Adnoc Distribution, which reported a 45% increase in its third quarter profit, operates 481 retail fuel stations and 366 convenience stores in the UAE as of September 30.
Taqa is one of the largest integrated utilities companies in the Europe, Middle East and Africa region, with operations across 11 countries. The company has significant investments in power and water generation, transmission and distribution assets, as well as upstream and midstream oil and gas operations. In the UAE, it supplies more than 90% of Abu Dhabi’s power and water needs.
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