February 22, 2024

NaaS Technology Plans to Acquire Charge Amps for US$66.4M to Collaborate on EV Charging Innovations and Energy Sustainability

On Aug. 22, NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS”), a leading EV charging solution provider…

On Aug. 22, NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS”), a leading EV charging solution provider listed on Nasdaq since June 13, 2022,  has announced a planned acquisition of Charge Amps AB  (“Charge Amps”) , a Swedish EV charging infrastructure supplier, in a deal valued at SEK 724 million (US$66.4 million) of its 100% issued and outstanding shares. Extended product offering along with integrated charging and energy service solutions could be expected following the acquisition of the synergy between channels of infrastructure supplier and platform of integrated solution provider.

“An important milestone as we continue to expand into the international market,” as Alex Wu, Co-founder, President and CFO of NaaS, stated in the official announcement, representing Charge Amps’ sufficient value to its new owner in that its 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 52 locations across 13 countries, including Norway, Finland, the Netherlands, the U.K., Spain, and Germany.

Charge Amps is a well-known purveyor of personal and home EV charging infrastructure in Europe. Its products are distinguished by their attractive Scandinavian designs, reliable all-weather performance, and the use of recycled materials.

Caption: Charge Amps EV Charging Scenario

Additionally, as sustainability is spun into the company’s DNA, Charge Amps extensively sources sustainable and recycled materials to manufacture its products, further emphasizing its commitment to supporting the industry and community’s decarbonization efforts. Its product portfolio’s reliability, versatility, and sustainability have earned widespread trust among European consumers, a concerted echo of NaaS’ vision of “empowering the world with green energy”.

Moreover, Charge Amps bring years of product development expertise. The company currently holds 37 patent applications in Europe, the US, South Korea, and China for design, visualization connection technology, and charging plug-in technology. Its commitment to innovation and market-proven practice dovetails with NaaS’ development strategy.

Post acquisition, Charge Amps will be granted adequate freedom by its new owner for it to maintain its brand prestige of designed locally and manufactured locally. Moreover, NaaS will supplement Charge Amps’ with an extended charging product portfolio and value-added energy solutions, as Olle Tholander, CEO of Charge Amps, commented in the official announcement, “we believe that NaaS has both the expertise and financial strength to support Charge Amps’ growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company’s expansion plans ”, leading to the conclusion that this is “the best solution for the Company’s long-term strategy and growth plan”.

And there’s more to come- “We have also developed an integration plan that will see new products launched through the Charge Amps channels,” said Alex Wu. That leaves an active attention on how the two parties would leverage each other’s strengths and ultimately boost their global presence by bringing out more sustainable, innovative EV charging products and integrated solutions as well as providing promising energy services for worldwide consumers.