Benzinga | Dec 7, 2020 06:59AM EST

UK To Unveil Its First Dedicated EV Charging Station Today As Johnson Pushes ICE Vehicles Phase Out

The United Kingdom's first of its kind dedicated service station for electric vehicle charging will kick off on Monday, according to Bloomberg. The service station in Essex, Southeast England is being set up by Hitachi Ltd's (OTC:HTHIY) U.K. unit, Hitachi Capital U.K. Plc, and Iver-based energy solutions provider Gridserve.

What Happened The new service station is part of a $1.35 billion project to install 100 EV charging facilities across England, housing 36 rapid charging systems powered by renewable sources of energy.

Based on Gridserve's estimates, Bloomberg reports that users are expected to be charged 24 pence per kilowatt-hour of charging. Powering up a mid-sized electric vehicle from 20% to 80% could cost less than GBP 10.

An earlier prediction in July, by the National Grid Plc (NYSE:NGG), claimed that the U.K. could witness over 30 million battery-operated vehicles by 2040.

Why Does It Matter Tesla Inc (NASDAQ:TSLA) led the EV market in the U.K. with a 30% share in the first half of 2020, and its Model 3 was the best-selling EV in the country, as per CleanTechnica. Nissan Motor Co (OTC:NSANY) and the Jaguar Brand owner Tata Motors (NYSE:TTM) trailed Elon Musk's EV company with a 10% and 7.8% share respectively.

The U.K. Prime Minister Boris Johnson has confirmed plans to ban the sale of any new internal combustion engine-powered vehicles by 2030.

See Also: 6 Auto Stocks To Watch As UK Moves Up ICE Ban

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