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Tuesday, October 3, 2023

NNPCL considers investing into electric vehicles’ start-up


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NNPC Limited has disclosed it plans to invest into a Maiduguri based start-up company that is into renewables and electric vehicles.

The company explained that the move would boost its footprint in the renewable energy space and help Nigeria in reducing its carbon emissions.

The Managing Director of NNPC New Energy Limited, Kanachukwu Odoe who disclosed this in an interview contained in the NNPC Quarterly Magazine, said the company plans to install charging point facilities in all its retail outlets across the country.

Odoe noted that although renewables are not yet a big deal in the country, it will be the energy of the future.

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He said: “On Electric Vehicles, there are two things we are looking at.

There is a start-up from Maiduguri that is into renewables and Electric Vehicles. It’s a Nigerian start-up. We are currently discussing with them to expand their capacity to meet local demand in Nigeria.

“It’s something l believe we should invest in not just because it’s our own, but also because they are doing something that hasn’t been done before, at least, in this part of the world. So, when we invest in the company, we can have a foothold in the electric vehicles market.

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“The next part will be how to provide access to charging ports for the electric vehicles We have NNPC Retail stations scattered around Nigeria, we are currently having a discussion on how to install charging points in the stations to serve electric vehicles”, he added.

He observed that “on capacity expansion with respect to renewable energy, you know that there is a gap in the power sector with regards to electricity supply, particularly in the rural areas. We must be able to meet that demand by developing capacity to provide power to those in the rural areas with renewable energy sources like solar”. (Vanguard)

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