Nasdaq-listed NaaS Technology has recently announced plans to acquire Charge Amps AB, a Swedish EV charging solutions provider, for SEK 724 million ($66.4 million).
The news comes over two months after the wholly-owned subsidiary of NaaS Technology — Dada Auto — acquired an 89.99% stake in Sinopower Holdings, the biggest one-stop solar PV service provider in Hong Kong, in June as the firm ramps up its global expansion efforts to fuel growth.
The acquisition of Charge Amps, which specialises in home and destination AC-charging solutions attributing for 22% of its local market share, will help NaaS Technology, China’s largest third-party EV charging network firm, to dart into Europe.
Europe was the second-largest market for EV sales in 2022 with more than one in every five vehicles sold being electric, according to the International Energy Agency (IEA). China contributed to 60% of the global electric car sales, while the US was the third-largest market that contributed to 8% of the share, per IEA.
As a subsidiary of Bain Capital-backed Newlink Group, NaaS Technology has been matching drivers in China with gas stations and charging piles since 2016. Newlink Group started offering EV-charging services in 2019, which later evolved into NaaS Technology.
NaaS Technology went public on the Nasdaq in June 2022 through a reverse merger with RISE Education, despite market uncertainties and rising China-US tensions.
Six months earlier, in January 2022, NaaS secured $87 million in a pre-IPO round joined by Anji Asset Administration, Real Fund, CICC Capital, Bain Capital, GSR United Capital, and Sino Pacific Capital.