NaaS Technology Inc. (NASDAQ: NAAS)("NaaS" or the "Company") entered into a strategic partnership with State Grid Changzhi Electric Power Supply Company to build new electric vehicle (EV) charging stations in a move to enhance the local charging services in Changzhi, Shanxi Province. Senior executives from both parties attended the ceremony, including Yu Xiang, Vice President of Operations, NaaS, and Hao Xiangjun, Deputy General Manager of State Grid Changzhi Electric Power Supply Company.
Under the agreement, State Grid Changzhi Electric Power Supply Company will provide construction sites and a stable power supply for new EV charging stations, while NaaS will build and operate the charging facilities, providing services including site selection, construction, and operation and maintenance (O&M). The Company will also provide charging pile operators with online and offline services including customer sourcing, marketing, O&M and facilities cleaning, alongside the provision of onsite food outlets as well as aftermarket and other value-added services - all as part of the city's overall plan to increase the utilization of charging piles and to build a charging services ecosystem.
"NaaS is a leading industry player with strong experiences in the construction of new EV charging stations, with a wide range of proprietary charging piles and accessories, and an established ecosystem of interconnected charging services. The strategic cooperation marks a substantial step towards, and a key step to, creating a green and low-carbon Changzhi. Both parties will work together to achieve mutually beneficial outcomes in a win-win situation," said the relevant person in charge of State Grid Changzhi Electric Power Supply.
"We are honored to partner with State Grid Changzhi Electric Power Supply to facilitate the construction of a new infrastructure to service EVs in Changzhi and to provide one-stop-shop services along the entire EV value chain," said Yu Xiang, Vice President of Operations, NaaS. "As a key player in the industry, NaaS is looking forward to, and is confident in our ability to, develop innovative products and provide fully digitalized services, contributing to the building of new EV facilities and interconnected charging networks across the city."
NaaS is one of China's largest and fastest growing companies working in the renewable and sustainable energy sector. 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 solution integrating online, offline and ancillary services.
On June 13, NaaS listed on the Nasdaq with the stock ticker NAAS, becoming China's first charging services company to go public. According to publicly available information, as of the end of 2021, NaaS had installed 290,000 charging piles in 288 cities across China. In 2021, NaaS delivered 55 million charges to EVs, amounting to 1,233 GWh and accounting for 18% of the country's total public charging volume.
Changzhi, a resource-rich city with a rapidly expanding economy, is currently a designated national industrial transformation and upgrade demonstration zone. Public data shows that in the first quarter of 2022, GDP grew by 8.3%, ranking Changzhi first in Shanxi Province. The city's strategic emerging industries grew by 97% on average over the past two years, with total industrial output the highest among all cities in the province. In March 2022, the local government issued the Changzhi Special Plan for EV Charging Infrastructure (2021-2025), detailing the city's plan for the construction of charging facilities in response to the country's EV industry development roadmap. During the 14th Five-Year Plan period, the city plans to build 119 new (including expanding existing) charging stations, adding 2,058 new charging piles.
In line with China's "dual-carbon" goals, as well as the growing demand for the transformation of the country's energy infrastructure, the cooperation will serve as a strong contributor to the upgrade of the city's charging infrastructure, while assisting China in its transition to a low-carbon and green future.