Saudi Arabia’s wealth fund launches electric vehicle infrastructure company

Saudi Arabia’s wealth fund launches electric vehicle infrastructure company

The company aims to deliver best-in-class electric vehicle fast-charging infrastructure across the country

A DC fast charging station. — AP file photo for illustrative purpose

By WAM Published: Sun 8 Oct 2023, 10:18 PM Last updated: Sun 8 Oct 2023, 10:19 PM

The Public Investment Fund (PIF) of Saudi Arabia and Saudi Electricity Company (SEC) announced the launch of the Electric Vehicle Infrastructure Company on Sunday. The fund will own a 75 per cent stake in the company, while SEC will hold the remaining 25 per cent stake.

The company aims to deliver best-in-class electric vehicle (EV) fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of EVs. It plans to establish a 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 also seeks 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 localisation of R&D and manufacturing of technologically advanced materials,