HUBCO Green (Private) Limited (HGL), a wholly owned subsidiary of Hub Power Holdings Limited (HPHL), Pakistan’s largest Independent Power Producer (IPP), is entering into a collaboration agreement with Pakistan State Oil Company Limited (PSO) for the installation of electric vehicle (EV) charging infrastructure at PSO locations across Pakistan.
The IPP shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“Hub Power Holdings Limited, a wholly owned subsidiary of The Hub Power Company Limited, through its newly incorporated subsidiary HUBCO Green (Private) Limited (Hubco Green), is entering into a new line of business which pertains to establishing and operating electric vehicle charging infrastructure, including but not limited to, importing, manufacturing, and assembling charging accessories.
“With respect to the aforesaid, Hubco Green is entering into a collaboration agreement with Pakistan State Oil Company Limited (“PSO”) for the installation of EV charging infrastructure at numerous PSO locations across Pakistan,” read the notice.
PSO is the largest fuel marketing company in the country.
Last month, Hubco Green inaugurated its first EV Charging Station at Ocean Mall, Karachi.
The company, which aims to become Pakistan’s largest EV Charging Network, shared back then that it plans to establish advanced and reliable EV charging infrastructure across the country, including motorways, highways, major cities and destination charging avenues including upscale malls and commercial areas.
It said that the automotive landscape is rapidly evolving with the introduction of New Energy Vehicles (NEVs) Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs) and Hybrid Electric Vehicles (HEV)) globally.
While the NEV market in Pakistan is in its nascent stages, there is a trajectory towards growth and expansion as part of the country’s draft National Electric Vehicle Policy (NEVP). This policy aims to have electric vehicles constitute 30% of new sales for passenger vehicles and heavy-duty trucks by 2030 and 90% by 2040, it said.
Meanwhile, the government remains committed to expanding local EV production. Days ago, it granted licenses to 57 EV manufacturers, 55 for two and three-wheelers, and two for the assembly of four-wheelers.
American Dollar Exchange Rate