NaaS Technology Inc. to Acquire Charge Amps

23 August 2023

NaaS Technology Inc. (Nasdaq: NAAS), a trailblazing EV charging service company listed on the U.S. stock exchange, has announced a definitive agreement to acquire all issued and outstanding shares of Charge Amps AB ("Charge Amps"). The acquisition will be valued at approximately SEK 724 million (US$66.4 million) and will involve a combination of cash and newly issued Class A ordinary shares of NaaS.

Charge Amps, a distinguished integrated EV charging solutions provider headquartered in Sweden, holds over a decade of pioneering experience in the industry with a strong emphasis on sustainability. The company offers a comprehensive range of EV charging hardware and charge point management systems, catering to diverse AC charging scenarios at homes, workplaces, and destinations. Charge Amps' focus also extends to seamless integration with charge point operators and value-added energy management features for end-users. As a dedicated EV charging platform, Charge Amps has established a robust international presence, driving cleaner and more sustainable transportation solutions on a global scale.

Alex Wu, Co-founder, President, and CFO of NaaS, expressed his enthusiasm for the acquisition, highlighting its significance as NaaS expands internationally. Wu stated, "We are thrilled to welcome the Charge Amps brand and team to the NaaS platform. This marks a crucial milestone in our global expansion journey. We are optimistic about the prospects of EV adoption in Europe and the overall charging service landscape. Our collaboration with Charge Amps will further solidify its leadership in the EV charging sector. Additionally, our integration plan will lead to the introduction of new products through Charge Amps' distribution channels. I am confident that this acquisition will bring substantial value to our shareholders."

Olle Tholander, CEO of Charge Amps, acknowledged the strong interest from global investors and emphasized the alignment between Charge Amps and NaaS. Tholander believes that NaaS, with its expertise and financial strength, is well-equipped to support Charge Amps' growth journey, further expanding its product offerings and accelerating the transition to electrified mobility.

The acquisition is subject to standard closing conditions. Houlihan Lokey served as the financial advisor to NaaS, while ABG Sundal Collier acted as the financial advisor to Charge Amps in connection with the transaction.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. It operates as a subsidiary of Newlinks Technology Limited, a prominent energy digitalization group in China. NaaS offers comprehensive EV charging solutions, encompassing online and offline charging, as well as innovative solutions, catering to every phase of the station lifecycle. As of March 31, 2023, NaaS has connected over 575,000 chargers across 55,000 charging stations, securing 40% and 49% of China's public charging market share, respectively. The Company's American depositary shares started trading on Nasdaq under the stock code NAAS on June 13, 2022.

Safe Harbor Statement

This press release contains forward-looking statements, which are subject to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about the Company and the industry. All information provided is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, except as required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, actual results may differ materially from the anticipated results.

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