EV charging giant NaaS Technology (Nasdaq: NAAS) has announced its plans to acquire EV charging provider Charge Amps for $66.4 million. This strategic move is aimed at expanding NaaS's presence in the European market.
NaaS, a Chinese EV charger giant, has already established itself as a dominant player in the Chinese market, with over 575,000 chargers covering 55,000 charging stations. This represents a significant market share of 40% and 49% in China's public charging market.
The acquisition of Charge Amps marks an important milestone for NaaS as it ventures into the international market. Alex Wu, the president, co-founder, and CFO of NaaS, expressed excitement about the acquisition and emphasized the company's commitment to expanding globally.
NaaS believes that Charge Amps' technological innovation and market channel capability will enable the company to provide localized services in Europe. The goal is to become a comprehensive EV charging solutions provider.
Charge Amps, based in Solna, Sweden, specializes in home and destination Level 2 (AC) chargers. The company holds a 22% market share in Sweden and operates in 32 international markets. Charge Amps is renowned for its focus on sustainability and good design, and it is a participant of the UN Global Compact.
Olle Tholander, the CEO of Charge Amps, expressed enthusiasm about the partnership with NaaS. He believes that NaaS's extended product portfolio will enable Charge Amps to offer more competitive and purposeful solutions to users, while also accelerating the transition to an electrified life.
In conclusion, NaaS's acquisition of Charge Amps is a significant move that will facilitate its expansion into the European market. This strategic partnership will allow NaaS to provide localized EV charging services and solidify its position as a leading global player in the industry.
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