Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) and electric energy company Saudi Electricity (SEC) have launched the Electric Vehicle Infrastructure Company.
The sovereign wealth fund will hold a stake of 75% in Electric Vehicle Infrastructure while the remaining 25% stake will be owned by SEC.
Electric Vehicle Infrastructure is planned to offer the best-in-class electric vehicle (EV) fast-charging infrastructure throughout Saudi Arabia. It will further unlock the local automotive ecosystem and expedite the adoption of EVs.
The company also aims to establish footprint in over 1,000 locations.
It intends to deploy more than 5,000 fast chargers by the end of this decade in cities across the country and on the roads that connect them, in compliance with applicable regulations and standards.
Furthermore, Electric Vehicle Infrastructure plans to improve Saudi Arabia’s automotive ecosystem, through partnership with EV companies, by delivering the required charging stations to address future demand.
It also expects to bolster private sector participation in the development of its network of charging stations and support the localisation of research and development (R&D) and manufacturing of technologically advanced materials.
SEC CEO Khalid Bin Hamad Al-Gnoon 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.”
According to PIF, the establishment of the new company is in accordance with its strategy to expand Saudi Arabia’s automotive capabilities.
PIF MENA direct investments co-head Omar Al-Madhi 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.
“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.”