Saudi Arabia’s Public Investment Fund (PIF) announced it entered a partnership with the Saudi Electricity Company (SEC) to establish an electric infrastructure company, according to a statement.
“PIF will own a 75% stake in the Company, while SEC will hold the remaining 25% stake,” according to the statement.
The major initiative aimed at boosting the growth of electric vehicles (EVs) in Saudi Arabia.
PIF will be holding a 75% stake in the newly formed company, while SEC will have the remaining 25%.
The Electric Vehicle Infrastructure Company is on a mission to support the development of the local automotive ecosystem and accelerate the adoption of electric vehicles.
The company plans to establish a robust presence in over 1,000 locations, deploying more than 5,000 fast chargers by 2030. These charging stations will be strategically set up in cities and on major roads, in accordance to regulations and standards.
Moreover, the company aims to encourage private sector participation in the expansion of its EV network and engage in the localization of research and development, as well as the manufacturing of technologically advanced materials, boosting domestic expertise.
Omar Al-Madhi, co-head of MENA Direct Investments at PIF, expressed the strategic importance of the Electric Vehicle Infrastructure Company in accelerating the EV transition through the deployment of widely available EV charging infrastructure as a key driver for the growth of the EV ecosystem.
Khalid Bin Hamad Al-Gnoon, chief executive officer at SEC, says: “The company’s commitment to enhancing Saudi Arabia’s position as a sustainable energy leader. This initiative aligns with the Kingdom’s broader efforts to promote advanced energy solutions and increase the value added by the energy sector.”
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