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Adnoc Distribution said it has entered into an agreement with Abu Dhabi National Energy Company (Taqa) to form a mobility joint venture, E2GO, to build and operate electric vehicle (EV) infrastructure in Abu Dhabi and the wider UAE.
Adnoc Distribution CEO Bader Saeed Al Lamki and Taqa Jasim Husain Thabet Group CEO and Managing Director signed an agreement paving the way for the creation of the joint venture, unveiled during Abu Dhabi Sustainability Week (ADSW 2023) .
The name E2GO (pronounced E to Go) embodies innovation and harnesses the power of technology to pioneer modern sustainable mobility solutions.
Adnoc Distribution said in a statement that E2GO comes at the right time in the development of the UAE’s electric vehicle market, which is expected to need 70,000 charging points by 2030 to meet the growing demand for electric vehicles in Abu Dhabi.
To support this demand, this critical infrastructure will require a capital expenditure investment of up to $200 million, it said.
According to the Global Electric Vehicle Readiness Index 2022, the demand for electric vehicles in the UAE market has risen steadily over the past few years and is expected to grow at a compound annual growth rate (CAGR) of 30% between 2022 and 2028.
The project helps reduce transport emissions, in line with the UAE’s goal of achieving net-zero emissions by 2050.
Backed by two Abu Dhabi National Energy Champions, E2GO aims to become a major provider of electric vehicle charging stations and related infrastructure in the emirate of Abu Dhabi.
The partnership will include a network of fast chargers at key locations, related solutions such as parking and tolling services, and an associated digital platform to facilitate EV charging, which will enhance customer service and open up new revenue streams.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Adnoc Distribution, said: “As EV penetration grows in the UAE, we can all meet the changing needs of EV customers by creating E2GO Ventures. Adnoc Distribution We will continue to capitalize on commercially meaningful energy transition opportunities while continuing to be a reliable supplier for our customers’ energy needs.”
Awaidha Murshed Al Marar, Chairman Engineer of Abu Dhabi’s Department of Energy (DoE), praised the Adnoc Distribution-Taqa partnership as an important initiative to support the development of electric vehicle charging infrastructure in the UAE.
“The DoE is committed to realizing the UAE’s leadership vision and taking decisive action to advance all necessary policies, such as sustainable transport, as a key way to advance the energy transition and achieve the UAE’s decarbonization goals, as part of the UAE’s 2050 Net Zero Agenda, ’ he pointed out.
Mohamed Hassan Alsuwaidi, Chairman of Taqa, said: “Decarbonising transport is an important part of the UAE’s efforts to achieve its net zero goals. The development of electric vehicle infrastructure driven by the E2GO joint venture will help bridge the gap in delivering clean energy to the wider public.”
“As a champion of low-carbon electricity and water, we continue to explore unique opportunities to expand our footprint into emerging growth areas and we believe this partnership marks an important step towards integrating Taqa into its broader customer base. step, while further strengthening our sustainable development agenda with the country,” he added.-TradeArabia News Service
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