China's NaaS Technology Acquires Sweden's Charge Amps for $66M

EV charging giant NaaS Technology (Nasdaq: NAAS) today announced that it’s going to acquire EV charging provider Charge Amps for $66.4 million in order to penetrate the European market.

Chinese EV charger giant NaaS has connected over 575,000 chargers covering 55,000 charging stations, representing 40% and 49% of China’s public charging market share, respectively.

It’s the first US-listed EV charging service company in China, and it’s entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Charge Amps. Alex Wu, president, cofounder, and CFO of NaaS, called the acquisition an “important milestone” as the company continues “to expand into the international market.”

NaaS says in its announcement that Charge Amps’ technological innovation and market channel capability will enable NaaS to carry out localized services in Europe, with the aim of becoming a “one-stop EV charging solutions provider.”

Solna, Sweden-based Charge Amps specializes in home and destination Level 2 (AC) chargers, and it boasts 22% of local market share and an international footprint in 32 markets. Charge Amps (pictured above) is known for its commitment to sustainability and good design, and is a participant of the UN Global Compact.

Olle Tholander, CEO of Charge Amps, said, “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.”