Hub Power Company Limited (HUBCO), Pakistan’s largest Independent Power Producer (IPP), is in the process of establishing a venture namely Hubco Green (Private) Limited, dedicated to developing an Electric Vehicle (EV) charging infrastructure across the country.
The IPP shared the development in its quarterly report released to the Pakistan Stock Exchange (PSX) on Thursday.
“In line with our initiative in the EV domain, a new venture Hubco Green (Private) Limited is in the process of incorporation with the objective to install EV charging infrastructure across the country, including motorways, highways, major cities and destination charging avenues,” HUBCO said in its report.
The company further informed that as part of its commitment to setting up a local vehicle assembly plant for new energy vehicles in Pakistan, Mega Motor Company (Private) Limited, an associated company, has recently signed a supply and manufacturing agreement and technical license agreement with global EV giant BYD Auto Industry Company Limited.
“These agreements are in addition to the distribution agreement signed between the parties in June 2024 to launch and sell BYD’s vehicles in the country,” it added.
As per the company’s latest financial results, the company, despite lower revenues, saw its profit increase by nearly 11% to Rs20.31 billion in the quarter that ended September 30, 2024.
Back in September, HUBCO announced plans to enter the mining sector for the exploration of lithium and develop a battery manufacturing unit.
Lithium is a mineral mostly used for rechargeable batteries, called Lithium-ion batteries, for mobile phones, laptops, digital cameras and, crucially, EVs.
Moreover, it also informed its stakeholders that plans are underway to establish an EV manufacturing plant with “a capacity to produce 50,000 EVs annually with 30% to 40% of the output designated for export to Australia and Africa”.
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