Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers By Pramod Kumar December 18, 2023, 8:09 AM SPA Eviq has opened its first EV charging research and development facility in Riyadh 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. Startup touts alternative EV batteries for Saudi industry PIF launches company to drive Saudi EV charging Red Sea Global installs Saudi Arabia’s largest EV charging network 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. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later