Acquisition of Public and Shared EV Chargers in Singapore
Charge+, an electric vehicle (EV) charging point operator (CPO), has acquired 140 public and shared EV chargers from three other companies in Singapore that have ceased offering commercial charging services. The acquired chargers are located in 42 places around Singapore, including condominiums and publicly accessible buildings such as the Esplanade.
Background
The three companies, eChargz, PaC Components, and Quickcharge.sg, will cease operating commercial chargers, but continue with other aspects of the EV-charging business, including selling chargers to private dwellings, component supply, and charger installations. The acquisition reflects a phase of consolidation for the EV-charging sector in Singapore, as CPOs are subject to licensing standards, requirements, and fees under the EV Charging Act.
Charging Network Expansion
Charge+ announced the move on Wednesday (Dec 11), and the new chargers have already been integrated into its network before Dec 7. Users can now access these chargers through the company’s app. Charge+ already had the largest number of charging points in Singapore, and the acquisition brings its total number of charging points to around 2,500. SP Mobility has around 1,800 charging points.
Industry Insights
In an interview with BT, Charge+ chief executive Goh Chee Kiong said, "The Land Transport Authority’s (LTA) intent is to make sure CPOs are reliable and responsive to customer needs, and our view is that charging operators need to be of critical mass to meet LTA standards." The acquisition demonstrates Charge+’s commitment to expanding its charging network and meeting the LTA’s standards.
Licensing Requirements
The EV Charging Act, which took effect from Dec 8, 2023, requires a registration fee for all commercial EV chargers by Jun 7, 2024. Commercial CPOs must also pay to be licensed by Dec 7, 2024. The cost for a CPO to register 500 chargers with different power ratings is about S$100,000, which includes a S$16,500 fee for a three-year licence. This does not include the cost of maintenance or other conditions needed to meet LTA’s licensing requirements, such as public liability insurance.
Conclusion
Charge+’s acquisition of the 140 public and shared EV chargers is a significant move in the Singapore EV-charging sector, demonstrating the company’s commitment to expanding its charging network and meeting the LTA’s standards. As the industry continues to evolve, it is likely that consolidation will play a major role in shaping the future of EV charging in Singapore.
Frequently Asked Questions
Q: What are the reasons behind the acquisition of public and shared EV chargers by Charge+?
A: The acquisition reflects a phase of consolidation for the EV-charging sector in Singapore, as CPOs are subject to licensing standards, requirements, and fees under the EV Charging Act.
Q: What is the impact of the acquisition on the EV-charging sector in Singapore?
A: The acquisition demonstrates Charge+’s commitment to expanding its charging network and meeting the LTA’s standards, and may lead to consolidation in the industry.
Q: What are the licensing requirements for commercial EV chargers in Singapore?
A: The EV Charging Act requires a registration fee for all commercial EV chargers by Jun 7, 2024, and commercial CPOs must also pay to be licensed by Dec 7, 2024.
