NaaS Technology Inc. Announces Plans to Acquire Swedish Leading EV Charging Infrastructure Supplier Charge Amps for $66.4M

Beijing, China & Stockholm, Sweden, Aug. 22, 2023 (GLOBE NEWSWIRE) -- 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."