- Zi Solar signs MoU with South Korea's Aeonus Co Ltd as Pakistan looks to make headway in EV market
In a major development for Pakistan's Electric Vehicle (EV) market and its associated infrastructure, Zi Solar Pvt. Ltd, a local renewable energy solution provider, has entered into a partnership with South Korea's Aeonus Co Ltd, a renewable energy products manufacturer, for the deployment of EV charging equipment in the country.
The partnership will pave way for the deployment of Korea-manufactured Electric Vehicles (EV) charging and storage equipment in Pakistan, according to a statement issued by Zi Solar.
Under this partnership, Aeonus Co. and Zi Solar will collaborate in research and development, marketing and advertising to provide the infrastructure and facilities for charging electric vehicles in Pakistan.
The collaboration is in line with the government’s objective to promote electric vehicles in Pakistan to improve the environment and to reduce the oil import bill through the promotion of electric vehicles.
Under the Pakistan Electric Vehicle Policy 2020-2025, the country aims to increase the market share of electric vehicles in Pakistan to 30% by 2030 and 90% by 2040.
The Memorandum of Understanding (MoU) signing ceremony was held at the Korea Trade-Investment Agency's Karachi office. The MoU was signed between Bilal Zaigham, Director of Business Development, Zi Solar, and Eun Heo, CEO, Aeonus.
Commenting on the partnership, Bilal Zaigham of Zi Solar, said that the partnership with Korean company would enhance the efficiency of electric vehicles in Pakistan. He said that electric vehicles are rapidly gaining ground in Pakistan and the demand for charging solutions and equipment is also increasing to sustain this trend.
He said that the partnership with Aeonus would help in introducing charging technologies in Pakistan which would save foreign exchange on fuel as well as ensure environmental protection.
Meanwhile, Eun Heo, CEO of Aeonus, was hopeful that the partnership would play a key role in building a strong ecosystem for the promotion of environmentally friendly vehicles in Pakistan.