Adnoc Distribution, Taqa to set up EV charging network
NEW COMPANY E2GO WILL CREATE ABOUT 70,000 CHARGING POINTS IN UAE
Adnoc Distribution is creating a new company — E2GO — with Abu Dhabi’s utility giant Taqa to build and operate an EV infrastructure in the emirate and the wider UAE. Demand for EVs in the UAE is projected to see a compound annual growth rate (CAGR) of 30 per cent between 2022-28.
E2GO will play a ‘critical role’ in creating an estimated 70,000 EV charging points and up to $200 million will be required as capex to ‘meet growing demand by 2030’.
Adnoc Distribution already has a ready-made real estate base to develop the planned EV charging stations, with its fuelling stations.
EVs are primed for growth
EV sales in the UAE is rated as having had a good run in 2022, with more carmakers offering models to take on Tesla.
“E2GO aims to become the principal provider of EV charging points and associated infrastructure across Abu Dhabi,” said an Adnoc statement. “The partnership will include a network of fast chargers at key locations, featuring associated solutions such as parking and tolling services, in addition to related digital platforms to facilitate EV charging, which will enhance customer service and unlock new revenue streams.”
“As electric vehicle adoption grows in the UAE, Adnoc Distribution and Taqa are well placed to meet the evolving needs of EV customers through the creation of the E2GO venture,” said Dr Sultan Ahmad Al Jaber, Group CEO and Managing Director of Adnoc and Chairman of Adnoc Distribution. “Adnoc Distribution will continue to capitalise on energy transition opportunities that make commercial sense, while remaining a reliable supplier of our customers’ energy needs.”
“Adnoc Distribution will continue to capitalise on energy transition opportunities that make commercial sense, while remaining a reliable supplier of our customers’ energy needs”, said Dr Sultan Ahmad Al Jaber.
Adnoc Distribution currently offers Compressed Natural Gas (CNG) fuel in 31 locations across its UAE service station network, including a dedicated CNG-only service station in Abu Dhabi city. “Decarbonising transport is an essential part of the UAE’s drive towards achieving its net zero ambitions,” said Mohammad Hassan Al Suwaidi, Chairman of Taqa.