Chinese NaaS Technology acquires Swedish Charge Amps for $66 Million

EV charging company NaaS Technology has announced that it’s going to acquire the Swedish EV charging provider Charge Amps for $66.4 million. The acquisition is a part of the Chinese company’s plan to expand in to the European market.

NaaS Technology has connected over 575,000 chargers covering 55,000 charging stations. The company represents around 40-49% of China’s public charging market share.

NaaS is the first US-listed EV charging service company in China. It has entered into a definitive agreement to acquire 100% of the issued shares of Charge Amps.

Alex Wu, cofounder and CFO of NaaS, called the acquisition an “important milestone” as the company continues to expand into the international market.

In the announcement, NaaS states that Charge Amps’ technological innovation will enable NaaS to carry out localized services in Europe. This will support the company’s goal to become a “one-stop EV charging solutions provider.”

Sweden-based Charge Amps specializes in home and destination Level 2 (AC) chargers. It claims 22% of local market share and has an international footprint in 32 markets.

“With NaaS’s extended product portfolio, Charge Amps will not only be able to bring more competitive and purposeful solutions to users, but also accelerate the transition to an electrified life and open the gateway to a smarter ecosystem,” said Olle Tholander, CEO of Charge Amps.


About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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