NaaS Technology Becomes China’s First Listed Pure Play Electric Vehicle Charging Service Company

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NaaS Technology Inc. announced that it had successfully listed and began trading on the NASDAQ. This makes NaaS the first pure-play electric vehicle (“EV”) charging company in China listed on NASDAQ.

NaaS is China’s fastest-growing new energy service company. The Company’s digital solutions link upstream and downstream players. This provides charger manufacturers, station operators and EV OEMs with one-stop shopping, which allows energy transactions to become more efficient. NaaS’s mission is to promote carbon neutrality and ESG. According to SGS, a global assessment company, the “Assessment Report of greenhouse gas emission reductions on alternative travel by NaaS electric vehicles” – NaaS has helped reduce carbon emissions by almost 900,000.

According to publicly available information, NaaS’ business in China covered 288 cities with 290,000 charging stations, and over 200,000 of these were fast charging. This represents 51% of China’s total fast charging piles. The total number of orders placed on NaaS in 2021 was 55 million. 1,233 GWh were charged. This accounted for 18% of China’s entire public charging volume and an 8.2 times increase over 2019. NaaS completed a PreIPO fundraising round in January 2022. It raised USD87 million from investors such as Anji Asset Administration, Real Fund, Real Fund, CICC Capital, Bain Capital, GSR United Capital, and Sino Pacific Capital.

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“Carbon neutrality, the mission of our generation,” stated Ms. Yang Wang (NaaS’ founder, CEO). “Having been able successfully list on the NASDAQ I would like to thank our investors and partners for their faith in me. This is not only a gift for today, but also a test for tomorrow. We hope NaaS’ presence can make energy more efficient, the earth greener and the sky bluer. NaaS is committed to carbon neutral energy, which is the common goal of all mankind. This goal will be pursued.”

Bain Capital’s long-term focus is on the global energy sector, with a particular emphasis on China as the largest energy market. Bain Capital’s managing Director and NaaS director, Mr. Zhongjue Chen, said, “We are lucky to be an investor and to have the opportunity to facilitate the merger of Rise Education and NaaS. This will create the first overseas listing of a Chinese leading electric vehicle charging company and new energy company. This landmark transaction will be a turning point for NaaS’ future endeavours. We are confident that NaaS will continue to reach new milestones.”

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