{"id":79925,"date":"2023-10-09T01:00:42","date_gmt":"2023-10-09T01:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/10\/09\/ksas-sec-grabs-25-stake-in-electric-vehicle-infrastructure-company\/"},"modified":"2023-10-09T01:00:42","modified_gmt":"2023-10-09T01:00:42","slug":"ksas-sec-grabs-25-stake-in-electric-vehicle-infrastructure-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/10\/09\/ksas-sec-grabs-25-stake-in-electric-vehicle-infrastructure-company\/","title":{"rendered":"KSA\u2019s SEC grabs 25% stake in Electric Vehicle Infrastructure Company"},"content":{"rendered":"

<\/a> KSA\u2019s SEC taps into EVs:<\/strong> The Saudi Electricity Company (SEC) \u2014 which is majority owned by the kingdom\u2019s sovereign Public Investment Fund (PIF), has acquired a 25% stake in Electric Vehicle Infrastructure Company in a transaction valued at SAR 254 mn (c. USD 67.7 mn), SEC said in a disclosure<\/a> to Tadawul yesterday. The EV-focused company is a joint stock company that is wholly owned by the PIF, according to the disclosure.<\/p>\n

The rationale: <\/strong>The move will pave the way for SEC to \u201coperate and create partnerships to provide alternate current (AC) and direct current (DC) power charging infrastructure for EVs,\u201d the disclosure said.<\/p>\n

It\u2019s been an eventful run for EVs in the kingdom: <\/strong>EV maker Lucid Group \u2014 which is backed by the PIF \u2014 inaugurated late last month<\/a> its first overseas production facility in Jeddah\u2019s King Abdullah Economic City (KAEC) after obtaining the operating license for its manufacturing unit. The Advanced Manufacturing Plant (AMP-2) will contribute to Saudi Arabia\u2019s target of having EVs make up 30% of new car sales in the kingdom by 2030. Earlier this year, the kingdom\u2019s first EV brand Ceer<\/a> \u2014 a JV between PIF and Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (Foxconn) \u2014 received in June<\/a> a manufacturing license from KSA\u2019s Ministry of Industry and Mineral Resources for its planned EV production plant in KAEC.<\/p>\n","protected":false},"excerpt":{"rendered":"

KSA\u2019s SEC taps into EVs: The Saudi Electricity Company (SEC) \u2014 which is majority owned by the kingdom\u2019s sovereign Public Investment Fund (PIF), has acquired a 25% stake in Electric Vehicle Infrastructure Company in a transaction valued at SAR 254 mn (c. USD 67.7 mn), SEC said in a disclosure to Tadawul yesterday. The EV-focused […]<\/p>\n","protected":false},"author":1,"featured_media":79926,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[103],"tags":[357,102,11,64,194,293,350],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-79925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-electric-vehicles","tag-ceer","tag-electric-vehicles","tag-enterpriseclimate","tag-evs","tag-lucid-motors","tag-pif","tag-saudi-electricity-company","wpautop","entry"],"acf":{"mongo_id":"1f0619f6-b6ee-4cbf-8380-78f7cacfed36","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/2235.jpg","photo_position":"above","related_issue":[79920],"teaser":"","voice_url":""},"yoast_head":"\nKSA\u2019s SEC grabs 25% stake in Electric Vehicle Infrastructure Company - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/10\/09\/ksas-sec-grabs-25-stake-in-electric-vehicle-infrastructure-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KSA\u2019s SEC grabs 25% stake in Electric Vehicle Infrastructure Company\" \/>\n<meta property=\"og:description\" content=\"KSA\u2019s SEC taps into EVs: The Saudi Electricity Company (SEC) \u2014 which is majority owned by the kingdom\u2019s sovereign Public Investment Fund (PIF), has acquired a 25% stake in Electric Vehicle Infrastructure Company in a transaction valued at SAR 254 mn (c. 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