NaaS plans to acquire Swedish EV charging supplier

China-born NaaS Technology Inc, an electric vehicle charging service company, announced it plans to acquire Charge Amps AB, a Swedish EV charging infrastructure supplier, for approximately $66.4 million of 100 percent of the issued and outstanding shares.

The deal marks a landmark moment in the Chinese company's expansion after its June acquisition of over 89 percent of Sinopower HK, the city's biggest one-stop solar PV service provider.

Charge Amps owns 22 percent of the local market share l, with an established international footprint in 13 markets.

"We are very pleased to welcome the Charge Amps brand and team into the NaaS platform, marking an important milestone as we continue to expand into the international market," said Alex Wu, co-founder, president and CFO of NaaS. "We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity. We are confident that we can work with the Charge Amps team to further strengthen its position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels."