Chinese EV charging service provider NaaS to acquire Swedish peer Charge Amps

NaaS Technology, a NASDAQ-listed Chinese company providing battery charging for electric vehicles, has signed a deal to acquire its Swedish counterpart Charge Amps for 724 million SEK ($66.4 million). 

The deal represents a major step forward in its global expansion, NasS said this week. 

Charge Amps, incorporated in Stockholm in 2012. It is Sweden’s second largest EV charging service provider.

The company also operates in 12 other European countries including the U.K., Spain and Germany. 

“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,” Olle Tholander, Charge Amps CEO said in a statement.

NaaS was established in Anji of east China’s Zhejiang province in 2019. It went public on the NASDA in June 2022. 

As of March 31, its network in China had established connection with more than 575,000 battery chargers and 55,000 charging stations, NaaS said.

In the first quarter, charging volume transacted through its network reached 1,023 gigawatt hours, surging 112 percent from a year earlier, it added.