The Government’s National Wealth Fund (NWF) has pledged to further back the UK’s electric vehicle mission for 2030, from charging networks to domestic battery manufacturing, under its new Strategic Plan.

Published today (28 January 2026), the new Unlocking the UK’s Future strategy sets out how the fund’s remaining capital will be fully deployed over the next five years to support the Government’s growth and clean energy missions and deliver a return for the UK’s taxpayers.

The National Wealth Fund was launched in October 2024 by the Chancellor, building on the success of the former UK Infrastructure Bank with £27.8bn of capital to catalyse and mobilise additional private investment for clean energy and industrial transformation across the UK.

To date, the National Wealth Fund has committed a third of its capital and the new plan outlines that the Fund will now “lean into” the sectors and larger investments where it can make a real difference, driving more than £100bn of public and private finance into infrastructure, supply chains and companies that will unlock the UK’s long-term growth.

Targeted sectors include hydrogen, battery manufacturing & the electric vehicle supply chain and transport infrastructure.

To secure the UK’s future in clean transport, the National Wealth Fund is targeting the full battery supply chain, from raw minerals to gigafactory‑scale manufacturing and recycling, such as its support in Greenpower Park, the West Midlands’ new centre of excellence for battery technology and manufacturing.

The NWF said these investments would “strengthen the UK’s industrial base, unlock jobs, and crowd in private capital to ensure the country leads in the global shift to zero‑emission transport”.

The National Wealth Fund will also continue its work in EV charging; one of 15 sectors in which it will pursue investment opportunities which target high growth, innovative projects and businesses and accelerate the delivery of core infrastructure.

It pointed to 2024 government estimates that at least 250,000 public charge points will be needed by 2030 – although previous figures have suggested 300,000 will be needed – and said that the National Wealth Fund is already financing over 15% of the additional charging points needed for the end of the decade, through investments in operators such as Connected Kerb, Gridserve and Osprey, helping accelerate the rollout of reliable, fast nationwide charging infrastructure.

Building on its existing track record in the sector, the Fund will work with charge point operators and financial institutions to explore further opportunities for debt or guarantee financing to share risks and crowd in private finance. It will also provide advisory support to local authorities adopting electric vehicle fleets through the Regional Project Accelerator.

According to the new strategy, the investments will create or support 200,000 jobs, accelerate the pathway to clean energy by saving 500 million tonnes of CO2e GHG emissions by 2050, and ultimately deliver a positive return for the taxpayer. 

Oliver Holbourn, National Wealth Fund CEO, said: “This is an exciting new chapter for the National Wealth Fund as we look to unlock the UK’s future. We will be going further and faster to drive more than £100bn into the economy, fully deploying our capital over the next five years to help drive economic growth, accelerate the transition to clean energy, transform communities with place-based investments and strengthen our self-sufficiency, security and resilience.”

Chancellor Rachel Reeves said: “When I became Chancellor, I created the National Wealth Fund to drive growth, and since then it has invested billions of pounds in our industries and infrastructure, helping to create tens of thousands of jobs across Britain.

“This new plan will go even further with £100bn for our communities – delivering much-needed investment as we push to deliver our modern Industrial Strategy and build a Britain that works for all.”