President Biden’s ambitious plans to hit the ground running by tackling climate change and being net zero by 2050 is good news for UK tech industry which should see increased investment in the UK, say leading tax and advisory from Blick Rothenberg.
Simon Gleeson, a partner at the firm said: “ America has shown huge interest in green transport start-ups and this will now grow still further.”
He added: “ The President’s intention to increase spending in public transport, electric vehicle development, manufacturing and road-side infrastructure as well as offer tax incentives similar to what we have seen in UK and across Europe to increase uptake
“The demand for carbon-free, energy efficient solutions is global, and the UK is extremely well-placed to take full advantage of this with the UK Department of Trade heavily focused on supporting this sector.”
Simon said: “ UK headquartered green transport start-ups from early-stage Beryl, an urban mobility start-up focused on pedal bikes, e-bikes and scooters, to Arrival, a designer and manufacturer of mobility and transportation solutions, have seen VC investment as the demand and market for sustainable mobility solutions really opens up.”
He added: “US investors have been flocking to such early-stage opportunities given the potential returns on larger scale as demonstrated by more mature investments like Arrival which makes zero-emission public transit vehicles and is forecasting to sell nearly 260k vehicles with a $14bn profit by 2024 “
Simon said: “ The UK tech scene continues to be a leading player in developing environmentally friendly technologies, building on the talent eco-system in AI, electric vehicle design, engineering and machine learning.”
He added: “ Now is the time for UK companies to put out their wares on the American stage and let them know that we are open for business and can provide the sorts of technology that will assist both countries going forward.”