Saudi Electricity Co. launches new EV Infastructure Co.
Saudi Electricity Co. (SEC) is working to enhance Saudi Arabia’s automotive ecosystem by supplying the necessary charging stations and collaborating with EV companies to meet future demand.
SEC, the largest electricity provider in the Middle East and North Africa, and The Public Investment Fund (PIF) have launched a company to develop electric vehicle charging infrastructure in Saudi Arabia.
“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,” explains Khalid bin Hamad Al-Gnoon, SEC CEO.
“This, and other developments, is in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”
Infrastructure boosting sustainability in the Kingdom
The development of the new company aims to promote private sector participation in the development of its network of charging stations, encouraging companies to invest in the sustainable future of the country.
The investment also works to build domestic expertise and resilience, supporting the localisation of research, development and manufacturing of technologically advanced materials, and boosting Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs.
The Electric Vehicle Infrastructure Co. in statistics:
- Chargers in more than 1,000 locations
- Over 5,000 fast chargers
- Infrastructure in place by 2030
- Throughout cities across Saudi Arabia
- The sovereign wealth fund will own a 75% stake in the company, the SEC will hold the remaining 25%
“The company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem,” shares Omar Al-Madhi, co-head of MENA direct investments at PIF.
“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.”
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