Fladgate LLP has advised Zouk Capital, the manager of the UK Treasury’s Charging Infrastructure Investment Fund (CIIF), on CIIF’s joint venture with multinational telecommunications company Liberty Global (to be called Liberty Charge) which will roll out on-street residential electric vehicle charging points in the UK.
CIIF is 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. Access to public electric vehicle charging is a key initiative within the UK government’s drive to reduce net carbon emissions to zero by 2050. Providing on-street residential charging is a core component of Zouk’s Charging Infrastructure Investment Fund strategy.
Leveraging Virgin Media’s connectivity network, infrastructure deployment capabilities and trusted relationships with local authorities, the 50:50 joint venture – originally set up as an initiative within Liberty Global Ventures last year – will focus on providing the under-the-pavement power and communications infrastructure necessary for electric vehicle charging in residential areas.
Corporate partner Graham Spitz commented, “The UK was the first major economy to pass net zero emissions law, and the 2050 net zero target is one of the most ambitious in the world. Over the past few years, we have worked with Zouk Capital, a pioneering force that address carbon emission and climate change, on various investments. We are proud to be supporting Zouk Capital once again in this important milestone.”
Massimo Resta, Partner at Zouk Capital, adds: “This was an important transaction in order for CIIF’s to achieve its central objective to scale open-access, public EV charging networks for the UK consumer. We very much enjoyed working with Graham and Yulia who led the Fladgate team from the front in terms of their hard work, responsiveness and attention to detail in what proved to be a complex transaction. We look forward to working with them again soon.”
Graham Spitz and Senior Associate Yulia Leyko led the Fladgate team, who were assisted by Partners Tim Wright (Commercial), Mike Tremeer (Employment), Neal Todd (Tax), Alex Haffner (Competition) and Associates Eleanor Green and Gemma Grunewald, and Trainee Joshua Bennett.