The inauguration of a new research and development center in Riyadh is expected to boost the country’s electric vehicle charging industry.
The center, which was established by Electric Vehicle Infrastructure Co., will be used for testing and studying a variety of charging equipment and software, according to the Saudi Press Agency.
This step will assist assure the usage of cutting-edge technology and software in the field, confirming EVIQ’s commitment to strengthening the Kingdom’s EV sector.
“The establishment of the research and development center demonstrates our commitment to the quality and long-term development of the Kingdom’s EV infrastructure,” said EVIQ CEO Mohammed Bakr Gazzaz in a statement.
“The technically leading center will help us always be up to date with the latest solutions for fast charging technologies,” he said.
He explained that the center is an important pillar in the company’s strategy, which focuses on spreading high-quality chargers and assuring their compatibility with various types of EVs in order to support the Kingdom’s Vision 2030 ambitions.
Gazzaz told Arab News last month that the segment had been struggling with funding since investors were hesitant to invest in infrastructure due to the high capital cost and small number of EVs on the road.
EVIQ, on the other hand, aimed to break the deadlock by constructing over 5,000 fast chargers across 1,000 places in the Kingdom.
“For those (electrification) ambitions to be fully recognized, one of the key aspects in helping achieve that vision and ambition is the availability of a robust public charging infrastructure network,” Gazzaz had stated at the time.
EVIQ is a joint venture, with the Public Investment Fund owning 75% of the company and the Saudi Electricity Co. controlling the remaining 25%.
Bloomberg reported last month that the sovereign wealth fund is in talks to invest at least $250 million in Chinese EV manufacturer Human Horizons Group Inc. as part of the Kingdom’s ambitions to develop a local auto industry.
