#China #Beijing #EV Charging #NaaS Technology #Fast Chargers

NaaS Technology Inc. Expands Charging Network

In a significant move to boost its leadership in the Electric Vehicle (EV) charging market, NaaS Technology Inc. (NASDAQ: NAAS), the first U.S.-listed EV charging service company in China, has announced an aggressive expansion of its charging network during the fourth quarter of 2024. This initiative marks a promising development in the rapidly growing sector of electric mobility in one of the most populated countries in the world.

Major Growth Metrics

The fourth quarter of 2024 has proven to be a period of remarkable growth for NaaS, with a staggering increase of over 50% in newly connected chargers compared to the previous quarter. Notably, more than 70% of these newly established chargers are DC fast chargers, reflecting the company's commitment to enhancing fast-charging infrastructure essential for supporting the increasing adoption of electric vehicles.

Strategic Partnerships

This ambitious growth is primarily attributed to strategic collaborations with key players within the EV ecosystem. NaaS has recently formed partnerships with a leading regional charge point operator in Fujian Province and the renowned State Grid Corporation of China's Hebei EV Charging Service Company. These collaborations not only extend the geographical reach of NaaS's charging infrastructure but also enhance operational efficiency and service quality, solidifying its market position in a competitive landscape.

Ms. Yang Wang, CEO of NaaS, remarked that these partnerships are crucial in addressing the needs for extensive charging interconnections and increasing supply-side coverage. She stated, _"Our fourth quarter 2024 charging network expansion demonstrates the critical progress we have achieved through recent strategic partnerships. We are fulfilling our commitment and strategic priority in advancing charging interconnection and increasing supply side coverage, especially in offering more fast-charging services via our platform."_

Financial Outlook

From a financial perspective, Mr. Steven Sim, Chief Financial Officer of NaaS, highlighted the company's sustainable growth trajectory powered by its innovative strategies and robust partnerships. He stated, _"Our ability to drive consistent growth is powered by our innovative approach and strong partnerships across the ecosystem. As one of the largest EV charging platform providers in China, our core charging services continue to enhance our financial stability and position us well for future market opportunities."_

NaaS’s consistent approach in deploying EV charging services will likely facilitate not only the expansion of supply-side infrastructure but will also play a significant role in accelerating the adoption of electric vehicles in the country. This aligns with the government’s objectives of promoting electric mobility and reducing greenhouse gas emissions, contributing to a more sustainable future for the transportation sector.

About NaaS Technology Inc.

NaaS Technology Inc. is recognized for being the pioneering U.S.-listed EV charging service company in China. Operating as a subsidiary of Newlinks Technology Limited, a leading energy digitalization firm in the country, NaaS provides comprehensive solutions to energy asset owners. This includes a range of charging services and energy solutions that support the lifecycle of energy assets while fostering a transition towards more sustainable energy consumption practices.

As NaaS continues to enhance its infrastructure and service offerings, it remains committed to not only meeting but exceeding the expectations of EV users and the wider community eager for accessible and efficient charging solutions. The successes achieved in Q4 2024 signal a strong start for future advancements and firm growth in the EV sector within China.

Safe Harbor Statement

This announcement contains forward-looking statements regarding NaaS's future performance. Such statements are subject to risks, uncertainties, and assumptions. Actual results may materially differ from expectations. NaaS undertakes no obligation to update any forward-looking statements except as required by law. Investors are encouraged to review NaaS's filings with the SEC for further details on potential risks and uncertainties.