Electric Vehicle Company launched by PIF and Saudi Electricity Company

11 Oct 2023
Electric Vehicle Company launched by PIF and Saudi Electricity Company

The Company aims to deliver best-in-class EV fast-charging infrastructure in Saudi Arabia, and will establish its presence in more than 1,000 locations; 5000 fast chargers expected across Kingdom by 2030

The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) announced this week the launch of the Electric Vehicle Infrastructure Company. PIF will own a 75% stake in the Company, while SEC will hold the remaining 25% stake.

The “Company”

The as yet unnamed “Company” will aim to deliver the best-in-class electric vehicle (EV) fast-charging infrastructure across Saudi Arabia, according to a PIF statement.

It will accelerate the adoption of EVs. It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia and on the roads that connect them, in line with applicable regulations and standards.

The Company’s objective is to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies, by supplying the necessary charging stations to meet future demand.

It also aims to promote private sector participation in the development of its network of charging stations and support the localization of R&D and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.

Moving past oil

Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF, said: “Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.”

Khalid Bin Hamad Al-Gnoon, Chief Executive Officer at SEC, said: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, and increase the value added by the energy sector.”

The launch of the Electric Vehicle Infrastructure Company will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs, PIF said in its statement.

As part of another report, by Energy & Utilities (E&U), it was revealed PIF had made investments, in companies like E1, Lucid Motors and Ceer, towards the development of electric vehicles.

Another report by E&U showed that ADNOC had launched a high speed hydrogen fueling station in Masdar City in the United Arab Emirates.

David Haziri contributed reporting

Photo credit: PIF

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