NaaS Technology: On Aug. 22, NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS”), a leading EV charging solution provider listed on Nasdaq since June 13, 2022, has announced a planned acquisition of Charge Amps AB (“Charge Amps”), a Swedish EV charging infrastructure supplier, in a deal valued at SEK 724 million (US$66.4 million) of its 100% issued and outstanding shares. Extended product offerings along with integrated charging and energy service solutions could be expected following the acquisition of the synergy between channels of infrastructure supplier and platform of integrated solution provider.
“An important milestone as we continue to expand into the international market,” as Alex Wu, Co-founder, President and CFO of NaaS, stated in the official announcement, representing Charge Amps’ sufficient value to its new owner in that its broad portfolio of intelligent, sustainable, user-friendly, and aesthetically pleasing product offerings has been proven by its 22% local market share with an established international footprint in 52 locations across 13 countries, including Norway, Finland, the Netherlands, the U.K., Spain, and Germany.
Charge Amps is a well-known purveyor of personal and home EV charging infrastructure in Europe. Its products are distinguished by their attractive Scandinavian designs, reliable all-weather performance, and the use of recycled materials.
Additionally, as sustainability is spun into the company’s DNA, Charge Amps extensively sources sustainable and recycled materials to manufacture its products, further emphasizing its commitment to supporting the industry and community’s decarbonization efforts. Its product portfolio’s reliability, versatility, and sustainability have earned widespread trust among European consumers, a concerted echo of NaaS’ vision of “empowering the world with green energy”.
Moreover, Charge Amps brings years of product development expertise. The company currently holds 37 patent applications in Europe, the US, South Korea, and China for design, visualization connection technology, and charging plug-in technology. Its commitment to innovation and market-proven practice dovetails with NaaS’ development strategy.
Post-acquisition, Charge Amps will be granted adequate freedom by its new owner for it to maintain its brand prestige of being designed locally and manufactured locally. Moreover, NaaS will supplement Charge Amps with an extended charging product portfolio and value-added energy solutions, as Olle Tholander, CEO of Charge Amps, commented in the official announcement, “We believe that NaaS has both the expertise and financial strength to support Charge Amps’ growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company’s expansion plans ”, leading to the conclusion that this is “the best solution for the Company’s long-term strategy and growth plan”.
And there’s more to come- “We have also developed an integration plan that will see new products launched through the Charge Amps channels,” said Alex Wu. That leaves active attention on how the two parties would leverage each other’s strengths and ultimately boost their global presence by bringing out more sustainable, innovative EV charging products and integrated solutions as well as providing promising energy services for worldwide consumers.
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Final Words:
In the electric vehicle (EV) charging sector, an important development is NaaS Technology‘s proposed purchase of Charge Amps. NaaS will be able to expand its product offerings and reach new areas thanks to the agreement, while Charge Amps will have access to NaaS’s experience and financial resources. The purchase is also encouraging for the EV market as a whole since it demonstrates that investors have faith in the sector’s long-term expansion.
The two businesses complement one another well. NaaS is a well-known supplier of EV charging solutions with a significant foothold in China. In Europe, Charge Amps is a well-known provider of residential and personal EV charging infrastructure. Together, the two businesses will be able to provide clients all over the globe with a wider selection of EV charging-related goods and services.
Additionally, it is anticipated that the purchase would hasten the development of cutting-edge EV charging solutions. Charge Amps has a team of skilled engineers, and NaaS has a proven track record of innovation. In order to fulfill the demands of the expanding EV industry, the merged firm will be well-positioned to develop novel charging solutions.
In general, the anticipated purchase of Charge Amps by NaaS Technology is a move that is good for the market for EV charging. The agreement will enable the two businesses to broaden their customer bases and product lines, and it is anticipated to hasten the creation of cutting-edge EV charging solutions.