Houlihan Lokey Advises NaaS Technology

Houlihan Lokey is pleased to announce that NaaS Technology Inc. (NASDAQ:NAAS) (NaaS or the company), the first U.S.-listed EV charging service company in China, announced that it has entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Charge Amps AB (Charge Amps). The consideration for the acquisition, which values Charge Amps at an equity value of approximately SEK 724 million (US$ 66.4 million), will be a combination of cash and newly issued Class A ordinary shares of the company.

NaaS Technology Inc. provides one-stop EV charging solutions to charging stations comprising online EV charging, offline EV charging, and other solutions, supporting every stage of the station lifecycle. As of March 31, 2023, NaaS has connected more than 575,000 chargers covering 55,000 charging stations, which represent 40% and 49% of China's public charging market share, respectively. On June 13, 2022, the American depositary shares of the company started trading on Nasdaq under the stock code NAAS.

Charge Amps is a prominent integrated EV charging solutions provider headquartered in Sweden and boasting more than a decade of pioneering experience with a strong focus on sustainability. It offers a full suite of EV charging hardware and charge point management systems, covering diverse AC use cases at work, home, and destination while enabling swift integration to charge point operators and value-added energy management features for end users. As a dedicated EV charging platform, Charge Amps holds a well-established international presence, driving cleaner transport solutions worldwide.

“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,” Alex Wu, Co-Founder, President, and CFO of NaaS, stated. “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 leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels. I firmly believe this acquisition will bring value to our shareholders.”

Olle Tholander, CEO of Charge Amps, commented: “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. 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. With NaaS’ 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.”

Houlihan Lokey acted as financial advisor to NaaS, further cementing the firm’s expertise in the new mobility sector.