PIF launches company to drive Saudi EV charging

Unsplash.com/ Michael Fousert

The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia.

The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake.

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The new company plans to establish a presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across the kingdom through collaboration with EV companies.

It also aims to promote private sector participation in developing its charging station network.

Lucid Group last month opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone.

The US-based EV maker, backed by the PIF, announced plans for the factory last year as the kingdom signed an agreement to buy up to 100,000 vehicles for over 10 years.

PIF owns 60.2 percent of Lucid, with its investments reaching $5.4 billion since 2018.

Saudi Arabian investment company Energy Capital Group announced a collaboration with US tech startup Pure Lithium to develop renewable batteries last month.

The Saudi ministry of industry and mineral resources in June granted an industrial licence to Ceer, the first local automotive brand to produce EVs, to build its manufacturing facility in KAEC’s Industrial Valley.