PIF-backed Eviq plans to deploy 5,000 EV chargers

SPA

Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure.

Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh.

The company is on track to deploy 5,000 chargers across 1,000 locations by 2030.

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The facility will be used for testing a spectrum of chargers and software to ensure the deployment of high-quality equipment and related software, driving the evolution in the EV sector across the Kingdom, state-run SPA news agency reported.

“This facility is a cornerstone in our strategy to support Vision 2030,” Eviq chief executive Mohammad Bakr Gazzaz said.

“By focusing on top-quality charger deployment and ensuring compatibility with a range of EVs, we are paving the way for the growth of a sustainable and advanced EV ecosystem in Saudi Arabia.”

The Saudi sovereign fund owns 75 percent of the company, which was launched in October. The kingdom’s utility provider holds the remaining 25 percent stake.

Lucid Group, which is  60.2 percent owned by PIF, opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone in September.

The US-based EV maker announced plans for the factory last year as the kingdom signed an agreement to buy up to 100,000 vehicles over a decade.

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