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 with Pakistan State Oil Company Limited (PSO) for the establishment of electric vehicle (EV) charging infrastructure at PSO locations across Pakistan.
The IPP shared the improvement in a notification to the Pakistan Stock Exchange (PSX) on Friday.
“Hub Power Holdings Limited, an entirely owned subsidiary of The Hub Power Company Limited, through its recently incorporated subsidiary HUBCO Green (Private) Limited (Hubco Green), is going into another line of business that relates to establishing and working on electric vehicle charging infrastructure, including but not limited to importing, assembling, and gathering charging accessories.
HUBCO Green is going into a collaboration agreement with Pakistan State Oil (PSO) to install charging stations at numerous PSO areas across Pakistan. Given PSO’s broad retail organization, this partnership is expected to give widespread accessibility to EV clients, supporting Pakistan’s gradual transition towards electric mobility.
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Hubco, a key player in Pakistan’s energy sector, has generally been engaged with nuclear power generation, with resources in coal, oil, and hydropower projects. The company has also been expanding into renewable energy and water desalination, lining up with global trends toward cleaner energy arrangements. With rising fuel costs, government motivations for EV adoption, and a developing focus on reducing carbon emissions, HUBCO’s entrance into the EV charging infrastructure business could situate it as a leader in Pakistan’s developing energy landscape.
It said that the automotive landscape is quickly advancing with the presentation of New Energy Vehicles (NEVs), Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs) around the world.
While the NEV market in Pakistan is in its early stages, there is a direction towards development and expansion as a feature of the country’s draft National Electric Vehicle Policy (NEVP). This strategy plans to have electric vehicles comprise 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 growing local EV creation. Days ago, it allowed licenses for 57 EV makers, 55 for two- and three-wheelers, and two for the assembly of four-wheelers.
This essential shift reflects Hubco’s more extensive ambition to benefit from emerging opportunities in sustainable power solutions.