NaaS Tech acquires Charge Amps to power up Europe’s EV charging market

Stockholm-based EV charging startup Charge Amps has been acquired by Naas Technology Inc. The acquisition aims to enhance Charge Amps’ product offerings and market reach in Europe with NaaS expertise and financial strength.

Nordic investment bank ABG Sundal Collier and American investment bank Houlihan Lokey acted as financial advisors to Charge Amps and NaaS, respectively. The acquisition values Charge Amps at an equity value of €61 million.

Founded in 2012, Charge Amps is a startup that specialises in creating innovative charging solutions for electric vehicles. It aims to make EV charging products more efficient, convenient and accessible for various settings, including homes, offices and public spaces.

“There is strong interest from global investors in our market currently, and in Charge Amps specifically. We have been overt about our efforts in recent years to determine the best solution for the company’s long-term strategy and growth plan,” said Olle Tholander, CEO of Charge Amps.

Olle added that he believes in NaaS expertise and financial strength to support Charge Amps’ growth in the development of eco-friendly EVs for the European market. With NaaS resources, he is confident 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”.

NaaS on the acquisition of Charge Amps

NaaS Technology is a subsidiary of Newlinks Technology Limited, which focuses on providing charging solutions and services for the EV industry. Headquartered in Beijing, China, its mission is to improve the efficiency of the EV ecosystem.

Alex Wu, co-founder, president and CFO of NaaS, voiced his excitement about the acquisition, deeming it “an important milestone” as the company continues to expand into the international market.

He is also optimistic about the prospect of EVs in Europe and its overall charging service. Wu also mentioned that they have already developed an integration plan to launch new products through Charge Amps channels.

In June this year, Charge Amps participated in the entrepreneurial competition Techarenan Challenge, which was held during the Almedalen Week in Visby, Gotland in Sweden.