In a significant move, EV charging leader NaaS Technology has revealed plans to acquire EV charging provider Charge Amps for a reported $66.4 million. The strategic acquisition aims to establish a strong foothold in the European market.
With an extensive network boasting over 575,000 chargers spanning 55,000 charging stations, NaaS Technology holds substantial influence in China’s public charging sector, commanding 40% and 49% of the market share, respectively.
Distinguished as the inaugural US-listed EV charging service firm in China, NaaS has solidified its commitment to international expansion by entering into a definitive agreement to obtain 100% ownership of Charge Amps. Alex Wu, NaaS’s President, Co-founder, and CFO, lauds the acquisition as an “important milestone” in the company’s global journey.
The acquisition is expected to leverage Charge Amps’ technological advancements and robust market channels, strategically positioning NaaS to provide localized services within Europe. This strategic alignment aims to establish NaaS as a comprehensive “one-stop EV charging solutions provider.”
Charge Amps, headquartered in Solna, Sweden, specializes in both home and destination Level 2 (AC) chargers. With a notable 22% market share within its local sphere and a presence in 32 international markets, Charge Amps is recognized for its commitment to sustainability and design excellence. Notably, the company participates in the UN Global Compact, underlining its dedication to responsible business practices.
Olle Tholander, CEO of Charge Amps, envisions the acquisition as a means to enhance user experiences by incorporating NaaS’s expanded product portfolio. This collaboration not only promises more competitive and purpose-driven solutions for users but also anticipates accelerating the adoption of electrified lifestyles, ultimately fostering a more intelligent ecosystem.