Riyadh, Saudi Arabia — The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) Sunday announced the launch of the Electric Vehicle Infrastructure Company.
PIF will own a 75 percent stake in the Company, while SEC will hold the remaining 25 percent stake, the Kingdom’s sovereign wealth fund said in a statement.
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.
PIF said the new 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 R&D and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.
Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem.”
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, in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”