NaaS Technology Inc. Announces Plans to Acquire Swedish Leading EV Charging Infrastructure Supplier Charge Amps for $66.4 m
- Written by The Bulletin
STOCKHOLM, SWEDEN - Media OutReach - 22 August 2023 - NaaS Technology Inc. (NASDAQ: NAAS), a leading electric vehicle (EV) charging service company, has announced plans to acquire Charge Amps AB ("Charge Amps"), a Swedish EV charging solutions provider for approximately SEK 724 million (US$66.4 million) of 100% of the issued and outstanding shares.
The deal marks a landmark initiative of NaaS' expanded global layout after its acquisition early this June of over 89% stake in Sinopower HK, the biggest one-stop solar PV service provider in HK.
As a leading Sweden-born EV infrastructure supplier, Charge Amps has pioneered the market specializing in home and destination AC charging solutions. For over a decade, Charge Amps' broad portfolio of intelligent, sustainable, user-friendly, and aesthetically pleasing product offerings has been proven by its 22% local market share with an established international footprint in 13 markets. Sustainability as the entrenched Company DNA is manifested throughout the whole production chain as well as other commitments being a participant of the UN Global Compact.
Set in the fossil-free transition, significant uptake in EV sales and its strongly-correlated charging infrastructure are out of step regarding the growth curve and supply-demand relationship. Europe, leading the shift towards vehicle electrification, is expected to sell nearly 62 million EV by 2030, as indicated in a Arthur D. Little analysis. The report also states that the build-up of a dense and well-developed charging infrastructure and software management are required, illustrated by an installed charger base of nearly 50 million by 2030, thus calling for synergy between EV infrastructure manufacturers and integrated service providers.
"We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the international market," Alex Wu, Co-founder, President and CFO of NaaS, stated. "We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity. We are confident that we can work with the Charge Amps team to further strengthen its leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels. I firmly believe this acquisition will bring value to our shareholders."
Olle Tholander, CEO of Charge Amps comments: "There is strong interest from global investors in our market currently, and in Charge Amps specifically. We have been overt about our efforts in recent years to determine the best solution for the Company's long-term strategy and growth plan. We believe that NaaS has both the expertise and financial strength to support Charge Amps's growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company's expansion plans. With NaaS' extended product portfolio, Charge Amps will not only be able to bring more competitive and purposeful solutions to users, but also accelerate the transition to an electrified life and open the gateway to a smarter ecosystem."
The deal will engage the parties in all-rounded and deep integration from technology, product, personnel, capital, and market perspectives. Charge Amps' technological innovation and market channel capability will serve as a strategic step for NaaS to carry out localized services in Europe and achieve business synergy throughout the whole chain towards a broader scope of global business layout, aiming as a one-stop EV charging solutions provider.
As of March 31, 2023, NaaS' extensive network has connected over 575,000 chargers and 55,000 charging stations. In the first quarter of 2023, charging volume transacted through NaaS' network reached 1,023 GWh, an increase of 112% YoY; gross transaction value transacted through NaaS' network showed an increase of 107% YoY.
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About NaaS Technology Inc.
NaaS Technology Inc. (NASDAQ: NAAS), listed in Nasdaq on June 13, 2022, is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group. NaaS provides charging station operators and EV owners with online and offline charging solutions and non-charging value-added services. NaaS also serves charger manufacturers, OEMs and other industry partners, helping to make charging faster, more convenient, with a superior customer experience - and in the process of improving operational efficiency for all parties on the industry value chain. Learn more at: www.enaas.com/en/
About Charge Amps
Charge Amps is a leading Sweden-born provider of innovative and sustainable charging solutions for electric vehicles. Charge Amps develops smart and user-friendly products for use in homes, offices, and public places. Charge Amps was founded in 2012 in Stockholm, Sweden, and is undergoing rapid international expansion, with 120 employees in seven countries, and sales across 15 markets. For more information, visit www.chargeamps.com
