Both companies will create E2GO as a joint venture to establish and operate the infrastructure in Abu Dhabi and the wider Emirates region.
ADNOC Distribution has signed an agreement with Abu Dhabi National Energy Company (TAQA) to establish a mobility joint venture, E2GO, to build and operate electric vehicle (EV) infrastructure in Abu Dhabi and the wider UAE.
Backed by two Abu Dhabi national energy champions, E2GO aims to become the principal provider of EV charging points and associated infrastructure across the Emirate of Abu Dhabi. 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.
Demand for EVs in the UAE market has witnessed a steady rise over the past years and is projected to see a compound annual growth rate of 30% between 2022 and 2028, according to the global electric mobility readiness index published in 2022.
“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. ADNOC Distribution will continue to capitalize on energy transition opportunities that make commercial sense, while remaining a reliable supplier of our customers’ energy needs,” said Ahmed Al Jaber, Chairman of ADNOC Distribution.
The project aligns with the UAE’s Net Zero by 2050 objectives by contributing to a reduction in emissions from transport. E2GO comes at an opportune time in the development of the UAE’s EV market, with an expected 70,000 charging points considered to be required in Abu Dhabi by 2030 to meet growing EV demand. To support this, an investment of up to USD 200 million of CAPEX will be needed for this critical infrastructure.
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