RIYADH: The Public Investment Fund and Saudi Electricity Co. on Sunday launched a company to develop electric vehicle charging infrastructure in the Kingdom.
According to an official statement, the Electric Vehicle Infrastructure Co. will “establish its presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia.”
The sovereign wealth fund will own a 75 percent stake in the company, while the SEC will hold the remaining 25 percent stake.
Omar Al-Madhi, co-head of MENA direct investments at PIF, said: “The company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. 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.”
The company aims 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 research and development and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.
SEC CEO Khalid bin Hamad Al-Gnoon said: “SEC develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader.”
