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ELECTRIC VEHICLES-
PIF-baked EV maker Lucid and the Electric Vehicle Infrastructure Company (Eviq) will expand fast-charging infrastructure across Saudi after signing a “strategic MoU,” Saudi Gazette reported. The partnership sees Lucid and Eviq developing fast EV charging stations. Information on the size, value and timeline of the project was not disclosed. Eviq — a JV between the PIF and Saudi Electricity — opened its first fast EV charging stations in Riyadh earlier this year, with plans to set up over 5k fast chargers in some 1k locations across Saudi cities by 2030.
Eviq also signed a cooperation agreement with Riyadh Municipality development arm Remat Al Riyadh Development to install fast chargers across the Kingdom, it said in a post on X. Eviq also signed an agreement with commercial real estate company Al Andalus Property to install 10 new 50 kW EV stations in four malls across Riyadh and Jeddah, it said on X.
M&A WATCH-
B.Grimm acquires 40% of ThreeEightSix: B.Grimm Power Public Company has acquired a 40% equity stake in GCC-based solar IPP ThreeEightSix Holdings, according to a press release. ThreeEightSix intends to develop and operate 100 MW of commercial and industrial solar projects by 2025 via the new partnership, another press release said.
About the companies: ThreeEightSix invests in, develops, and operates renewable energy projects in the MENA region with a 3 GW renewable energy portfolio. B.Grimm Power is a Thai industrial power producer shifting focus to renewable energy with a portfolio worth over 4 GW.
MINING + GEOTHERMAL-
UAE to create 3D maps of natural resources: The Energy and Infrastructure Ministry inked an MoU with Abu Dhabi’s Technological Innovation Institute to design three-dimensional maps of natural resources in the UAE, the Ministry said on X. The agreement seeks to identify mineral and renewable energy sources — including geothermal energy — and will also see the two sides cooperate to develop research and technical capacity in the fields of mineral resources and geology, Wam reports. Over the next five years, multiple projects will be established to explore these resources and develop research and technology in the fields of geology, mineral resources, and salt body distribution analysis.
Other countries in the region are creating mineral maps: Algeria is expected to complete its first mineral map project by the end of the year, highlighting key mineral deposits like gold, zinc, lead, and copper. The project was initially launched two years ago with an investment of DZD 4.3 bn (USD 32 mn) and covers 35 provinces.
CONSERVATION-
Zeroe sponsoring coral reef restoration in UAE: UAE-based climate tech company Zeroe is sponsoring Project REEFrame, an initiative led by divers to restore and preserve coral reefs in the UAE, according to a press release. This project involves creating artificial reefs and transplanting coral fragments to preserve marine ecosystems.
Artificial reefs are already in use in the UAE: Hong Kong-based startup Archireef’s 3D-printed clay tiles are currently being used off the coast of Hong Kong and the UAE, with possible expansion to Jordan, Egypt, Saudi Arabia and others. About 160 reef tiles were placed near Umm Khorah island in Abu Dhabi’s Al Dhafra region in March 2023 with the help of Abu Dhabi Developmental Holding Company (ADQ), and the support of Environment Agency Abu Dhabi. The tiles help restore marine ecosystems 4x more effectively than traditional methods.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Siemens + Kuwait University to establish smart energy systems lab: Germany’s Siemens and Kuwait University are joining forces to open the first-ever Distributed Energy Systems (DES) Smart Lab in the GCC. The facility will serve as a hub for research and innovation in low-carbon energy systems. (Statement)
