PIF, Saudi Electricity Company launch Electric Vehicle Infrastructure Company

The Public Investment Fund (PIF) of Saudi Arabia and Saudi Electricity Company (SEC) have launched the Electric Vehicle Infrastructure Company.

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 advanced electric vehicle (EV) fast-charging infrastructure across the kingdom.

The launch of the Electric Vehicle Infrastructure Company is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to promote the country’s competitiveness on the world stage, and ultimately position it as a global leader.

It will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs.

Electric Vehicle Infrastructure Company expansion

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.

It will encourage private sector participation in the development of its network of charging stations and support the localisation of RD and manufacturing

Omar Al Madhi, co-head of MENA Direct Investments at PIF, 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.”

Khalid Bin Hamad Al Gnoon, CEO of SEC, 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.”

In other news, PIF and Pirelli Tyre announced a joint venture (JV) agreement to build a tire manufacturing facility in Saudi Arabia in October. PIF will hold a 75 per cent stake in the new JV with Pirelli holding the remaining 25 per cent and acting as a strategic technology partner to support the development of the project by providing technical and commercial assistance. 

In September, the Lucid Group opened the first-ever car manufacturing facility in Saudi Arabia. As Lucid’s second Advanced Manufacturing Plant (AMP-2) and first international plant, the facility will produce Lucid’s ground-breaking electric vehicles for Saudi Arabia and export to other markets.

PIF has invested in Lucid, and part of the fund’s mandate is to support innovation and tap key strategic sectors.​