NaaS Technology's Acquisition of Charge Amps for $66.4M

NaaS Technology, a Stockholm-based electric vehicle (EV) charging service company, has announced its acquisition of Charge Amps, a Swedish EV charging solutions provider, for approximately SEK 724 million (US$66.4 million). This move represents a significant step in NaaS' global expansion strategy, following its recent acquisition of a majority stake in Sinopower HK, a solar PV service provider in Hong Kong.

The acquisition will involve a comprehensive integration of technology, products, personnel, capital, and market perspectives between NaaS and Charge Amps. Charge Amps, led by CEO Olle Tholander, specializes in sustainable charging solutions for electric vehicles, developing smart products for residential, commercial, and public use. With operations in seven countries and sales across 15 markets, Charge Amps is experiencing rapid international growth, supported by its team of 120 employees.

NaaS, a subsidiary of Newlinks Technology Limited, focuses on providing charging station operators and EV owners with online and offline charging solutions, as well as non-charging value-added services. The company also collaborates with charger manufacturers, OEMs, and other industry partners to enhance the charging experience and convenience for customers.

As of March 31, 2023, NaaS has connected over 575,000 chargers and 55,000 charging stations through its network. In the first quarter of the same year, the charging volume transacted through NaaS' network witnessed a significant YoY increase of 112%, reaching 1,023 GWh. Additionally, the gross transaction value transacted through the network showed a YoY increase of 107%.

This acquisition further solidifies NaaS' position in the EV charging market and signifies its commitment to expanding its global footprint. With the integration of Charge Amps' expertise and solutions, NaaS aims to continue providing innovative and convenient charging services to its growing customer base.

Source: FinSMEs (23/08/2023)