NaaS Technology Inc., announced that it has successfully listed and begun trading on the NASDAQ, becoming China’s first listed pure play electric vehicle (“EV”) charging service company.
NaaS is one of China’s largest and fastest growing new energy service companies. The Company’s digital solutions connect both upstream and downstream players, providing charger manufacturers, station operators, EV OEMs, and other industry participants with a single one-stop shop solution – enabling energy transactions to become more efficient. NaaS is focused on promoting carbon neutrality and ESG, and according to SGS, a leading global assessment company, in SGS’ “Assessment Report of Greenhouse Gas Emission Reductions on Alternative Traveling by NaaS Electric Vehicles,” – NaaS helped reduced carbon emissions by nearly 900,000 tons annually.
According to publicly reported information, at the end of 2021, NaaS’ business covered 288 cities in China, with 290,000 charging piles, of which over 200,000 were fast charging, representing 51% of all of China’s public fast charging piles. In 2021, total orders on NaaS reached 55 million, with 1,233 GWh charged, accounting for 18% of all of China’s public charging volume, and an increase of 8.2 times versus 2019. In January 2022, NaaS successfully completely a Pre-IPO fundraising round, raising USD87 million from investors including Anji Asset Administration, Real Fund, CICC Capital, Bain Capital, GSR United Capital, and Sino Pacific Capital.
“Carbon neutrality is the mission of our generation, and a new chapter in global energy has already begun – with new energy vehicles being at the center,” said Ms. Yang Wang, NaaS’ founder and CEO. “Having been able to successfully list on the NASDAQ, I’d like to thank our shareholders and partners for their faith and confidence in us. This is a gift from today but also a test for tomorrow. We hope that NaaS’ presence will make energy smarter, the earth greener, and the skies bluer. Carbon neutral energy is NaaS’ aspiration, and the common dream of all humanity. We will continue to strive to achieve this goal.”
“Bain Capital has a long term focus on the global energy industry, and in particular the world’s largest energy market – China.” said Mr. Zhongjue Chen, Bain Capital’s managing director and a director of NaaS, “We are fortunate to be an investor in a leading company like NaaS, and to be able to facilitate the merger with Rise Education, creating the first successful overseas listing of a leading Chinese electric vehicle charging and new energy company. This is a landmark transaction, which will serve as a new beginning for NaaS’ future endeavors. We hope, and have confidence that NaaS will continue to achieve new milestones in the future.”
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