STOCKHOLM, SWEDEN – Media OutReach – August 22, 2023 – NaaS Technology Inc. (NASDAQ: NAAS), a leading electric vehicle (EV) charging service, has announced its intention to acquire Charge Amps AB (“Charge Amps ”), a Swedish electric vehicle (EV) charging service company. charging solution provider for approximately 724 million SEK (66.4 million USD) of 100% of the issued and outstanding shares. The deal marks a landmark move in NaaS’s global expansion following the early June acquisition of more than 89% of Sinopower HK, the largest single-source solar PV service provider in Hong Kong.
As a leading electric vehicle infrastructure provider born in Sweden, Charge Amps has pioneered the market specializing in home and destination AC charging solutions. For more than a decade, Charge Amps’ broad portfolio of smart, durable, user-friendly and good-looking product offerings has been proven by its 22% local market share and established international presence in 13 markets. Sustainability, as an ingrained DNA of the company, manifests itself throughout the production chain as well as in other commitments as a participant in the United Nations Global Compact.
As part of a fossil-free transition, the massive surge in electric vehicle sales and its highly correlated charging infrastructure are out of step with the growth curve and the supply-demand relationship. Europe, the leader in the transition to vehicle electrification, is expected to sell nearly 62 million electric vehicles by 2030, according to an analysis by Arthur D. Little. The report also indicates that the establishment of a dense and well-developed charging infrastructure and software management is necessary, illustrated by an installed base of chargers of almost 50 million by 2030, thus calling for a synergy between electric vehicle infrastructure manufacturers and integrated service providers.
“We are very excited to welcome the Charge Amps brand and team to the NaaS platform, marking an important milestone as we continue to expand into the international market,” said Alex Wu, Co-Founder, President and CFO of NaaS. “We are very optimistic about the prospects for electric vehicle penetration in Europe and the overall capacity of the charging service. We are confident that we can work with the Charge Amps team to further strengthen their leadership position in electric vehicle charging. We have also developed an onboarding plan which will see new products launched through the Charge Amps channels. I firmly believe that this acquisition will bring value to our shareholders.
Olle Tholander, CEO of Charge Amps, comments: “Global investors are currently seeing a lot of interest in our market, and Charge Amps in particular. We have clearly communicated our efforts over the past few years to determine the best solution for the company’s long-term strategy. and growth plan. We believe NaaS has both the expertise and the financial strength to support the growth path of Charge Amps under the same brand in Europe with an expanded product offering and the means to accelerate the company’s expansion plans. Company. With NaaS’s expanded product portfolio, Charge Amplifiers will not only be able to bring more competitive and useful solutions to users, but also accelerate the transition to an electrified life and open the door to an ecosystem more intelligent. »
The agreement will commit the parties to a comprehensive and deep integration of technology, product, people, capital and market perspectives. Charge Amps’ technology innovation and market channeling capability will be a strategic step for NaaS to provide localized services in Europe and achieve business synergy across the chain towards a broader scope of global business setup. , aiming to become a one-stop-shop for electric vehicle charging solutions. supplier.
As of March 31, 2023, NaaS’s vast network has connected more than 575,000 chargers and 55,000 charging stations. In the first quarter of 2023, the volume of charging carried out via the NaaS network reached 1,023 GWh, an increase of 112% year-on-year; the gross value of transactions made through the NaaS network increased by 107% year-over-year.
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The issuer is solely responsible for the content of this announcement.
