Electric Vehicle Company Launched by PIF and Saudi Electricity Company

Electric Vehicle Company Launched by PIF and Saudi Electricity Company

In a strategic move towards sustainable mobility, the Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have jointly announced the establishment of the Electric Vehicle Infrastructure Company. This initiative aims to revolutionize electric vehicle (EV) adoption in Saudi Arabia by delivering state-of-the-art EV fast-charging infrastructure. PIF will hold a majority stake of 75%, with SEC owning the remaining 25%.

The Unveiling of the Company

While the company is yet to be named officially, its mission is crystal clear—to deploy the best-in-class EV fast-charging infrastructure across Saudi Arabia. The ambitious plan involves establishing a presence in over 1,000 locations and deploying more than 5,000 fast chargers by 2030. These chargers will not only be strategically placed in cities but also along the connecting roads, adhering to relevant regulations and standards.

Accelerating EV Adoption

The overarching goal of the Electric Vehicle Infrastructure Company is to accelerate the adoption of electric vehicles in Saudi Arabia. By collaborating with EV companies, the company plans to supply the necessary charging stations to meet the anticipated surge in demand. This initiative is expected to play a pivotal role in enhancing Saudi Arabia’s automotive ecosystem.

Promoting Private Sector Participation

Beyond charging infrastructure, the company aims to foster private sector participation in the development of its charging station network. Additionally, it will support the localization of research and development (R&D) activities and the manufacturing of technologically advanced materials. This strategic move is geared towards building domestic expertise and resilience in the rapidly evolving electric vehicle landscape.

Vision 2030 Alignment

Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF, highlighted the partnership’s significance in accelerating synergies across the EV supply chain. This collaboration aligns with Vision 2030, driving economic growth and diversification while positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.

Khalid Bin Hamad Al-Gnoon, CEO at SEC, emphasized the role of SEC in contributing to Saudi Arabia’s sustainable energy leadership and enhancing the value added by the energy sector.

Economic Diversification and Growth

The launch of the Electric Vehicle Infrastructure Company is a strategic move that aligns with Saudi Arabia’s broader economic diversification efforts. By driving non-oil GDP growth, creating new job opportunities, and supporting the vision for a sustainable future, this initiative is poised to make a significant impact on the country’s economic landscape.

In a broader context, PIF’s investments in companies focused on electric vehicle development further underscore Saudi Arabia’s commitment to staying at the forefront of the evolving automotive industry. The Electric Vehicle Infrastructure Company adds a crucial layer to the nation’s sustainable mobility ecosystem, paving the way for a future where electric vehicles become a mainstream mode of transportation.

Prev post
Next post

Leave A Reply


No products in the cart.