NaaS Technology Inc. Acquiring Charge Amps

NaaS Technology Inc. (NaaS), the first U.S. listed EV charging service company in China, has announced its definitive agreement to acquire Charge Amps AB. The acquisition will involve 100% of the issued and outstanding shares of Charge Amps, with a total equity value of approximately SEK 724 million (US$66.4 million). The consideration for the acquisition will consist of a combination of cash and newly issued Class A ordinary shares of NaaS.

Charge Amps is a well-known integrated EV charging solutions provider based in Sweden. With over a decade of experience, the company focuses on sustainability and offers a comprehensive range of EV charging hardware and charge point management systems. Their solutions cover various AC use cases at work, home, and destination, and they also provide integration to charge point operators and value-added energy management features for end-users. Charge Amps has established a strong international presence, contributing to cleaner transport solutions worldwide.

Alex Wu, Co-founder, President, and CFO of NaaS, expressed his enthusiasm for the acquisition, stating that it marks an important milestone for NaaS as they expand into the international market. He also expressed optimism about the prospects of EV penetration in Europe and the overall charging service capacity. Wu believes that by working together with the Charge Amps team, they can strengthen the company's leading position in the EV charging space. NaaS has also developed an integration plan to launch new products through Charge Amps channels, bringing added value to their shareholders.

Olle Tholander, CEO of Charge Amps, acknowledged the strong interest from global investors in their market and specifically in Charge Amps. He mentioned that the company has been transparent about their efforts to determine the best solution for their long-term strategy and growth plan. Tholander believes that NaaS has the expertise and financial strength to support Charge Amps' growth journey in Europe. With NaaS' extended product portfolio, Charge Amps will be able to offer more competitive and purposeful solutions, accelerating the transition to an electrified life and a smarter ecosystem.

The acquisition is subject to customary closing conditions. Financial advisory services were provided by Houlihan Lokey for NaaS and ABG Sundal Collier for Charge Amps.

NaaS Technology Inc. is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. NaaS provides comprehensive EV charging solutions to charging stations, including online and offline EV charging, as well as innovative solutions. The company supports every stage of the station lifecycle and has a significant market share in China's public charging market. NaaS' American depositary shares started trading on Nasdaq in June 2022 under the stock code NAAS.

This press release contains forward-looking statements, made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The statements are based on current expectations, assumptions, estimates, and projections about NaaS and the industry. While the company believes these expectations are reasonable, it cannot guarantee that they will be correct, and actual results may differ materially from the anticipated results. The company will not update any forward-looking statements unless required by law.

For investor and media inquiries, please contact NaaS Technology Inc. at ir@enaas.com. Media inquiries can be directed to pr@enaas.com.

SOURCE: NaaS Technology Inc.