A Russian businessman has invested £20 million in an Oxfordshire-based company that is developing electric powertrains for trucks and buses.

Denis Sverdlov, who used to be a Russian government minister, said of the technology: “It cuts fuel consumption by two to three times.”

Charge, which started operations in Enstone in January, is the first UK venture to benefit from his $500 million investment fund, Kinetik.

Mr Sverdlov, who has a degree in economics from the St Petersburg State University of Engineering and Economics, said: “We are confident that all vehicles will ultimately become electric. The only question is when.”

He added that Charge is in discussions with various manufacturers of commercial vehicles as well as fleet managers, and he expects to sign supply agreements by the end of the year.

Charge employs about 40 people and is based at the site of the Lotus Formula One racing team. Mr Sverdlov said he chose the location because the high number of local F1 racing teams makes it easier to hire top engineers.