(L-R) Naoaki Mashita (angel investor), Christopher Quek (Managing Partner, TRIVE), Charge+’s Ong Tze Boon and Goh Chee Kiong, and TNB Aura’s Vicknesh Pillay
Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.
The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.
The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.
Started in 2018, Charge+ is an integrated EV charging solution provider. Its solutions include a proprietary ultra-slim charger, smart charging software, and innovative business models. It has installed charging points in public housing, condominiums, shopping malls, commercial buildings and industrial facilities.
The International Energy Agency considers Southeast Asia the fastest growth area for EVs and charging infrastructure in 2023 and beyond. The government has announced a target of 60,000 EV charging points in Singapore by 2030.
Initially, Charge+ will fulfil an ongoing tender contract awarded by the Singapore Land Transport Authority (LTA) to provide approximately 4,000 EV charging points in the carparks of HDB public housing.
In Indonesia, Charge+ is building an EV charging hub in Batang district in central Java to serve the traffic on the trans-Java highway, while in Thailand, it is the charging partner of the largest electric taxi operator Ch.Pattana.
In Vietnam, it is partnering with Porsche to build a ultra-fast charging network linking Hanoi in the north with Ho Chi Minh City in the south. In Cambodia, the company secured the rights to provide the charging infrastructure for the three largest ports in the country.
By 2030, the startup aims to deploy 30,000 EV charging points globally.
In addition to building its own infrastructure, the venture will partner with other regional EV charging operators to expand the network. Such roaming arrangements had been signed with Malaysia’s Tenaga Nasional Berhad (TNB) and ChargeSini, Thailand’s Electricity Generating Authority of Thailand (EGAT) and Indonesia’s PT PLN so that Charge+ app users can conveniently access a wider pool of EV chargers in the respective countries.
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