SINGAPORE’s largest EV charging operator Charge+ completes US$8 million Series A funding with TNB Aura and TRIVE
Funding to accelerate EV charging infrastructure roll-out in Southeast Asia
SINGAPORE – Charge+, Singapore’s largest electric vehicle (EV) charging operator which operates more than 2,000 EV charging points, has completed Series A funding round with US$8 million raised. Series A is led by TRIVE Venture Capital with Christopher Quek joining the Charge+ board, as announced earlier in 2023, and with TNB Aura leading the recent Series A2 round.
The International Energy Agency (“IEA”) considers Southeast Asia to be the fastest growth area for EVs and charging infrastructure in 2023 and beyond. In Singapore alone, the government has announced a target of 60,000 EV charging points by 2030.
By 2030, Charge+ aims to deploy 30,000 EV charging points globally and contribute meaningfully to advancing electric mobility adoption in the region. Charge+ has installed charging points in public housing, condominiums, shopping malls, commercial buildings and industrial facilities. It utilizes a proprietary charger design that is the world’s slimmest EV charger and features a dual-connector configuration to allow for increased utilization.
The funds raised will support Charge+’s ongoing efforts to accelerate the expansion of its EV charging infrastructure throughout Southeast Asia. Firstly in Singapore, Charge+ will fulfill 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.
Charge+ is also growing rapidly across Southeast Asia. In Indonesia, Charge+ is building the country’s largest EV charging hub in Batang district in central Java to serve the traffic on the trans-Java highway. As for Thailand, Charge+ is the exclusive charging partner of the largest electric taxi operator Ch.Pattana. In Vietnam, Charge+ 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.
In addition to building its own infrastructure, Charge+ 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.
“Since founding Charge+ in 2018, our vision has been to catalyze electric mobility adoption across Southeast Asia. The successful completion of Series A financing represents another exciting milestone in accelerating our growth across this region. We are therefore pleased to add TNB Aura as our new investor, after TRIVE as the lead investor in Series A,” said Ong Tze Boon, Chairman of Charge+.
As a venture capital firm focused on transformative innovation, TNB Aura views Charge+ as a strategic addition to its portfolio. Charge+ aligns with TNB Aura’s mission to revolutionise energy infrastructure in Southeast Asia, advancing the shift toward cleaner, more efficient urban mobility.
“We're pleased to partner with Charge+, the largest private EV charging provider in the region. Ong Tze Boon and Goh Chee Kiong’s leadership is driving innovation and sustainable energy adoption, positioning Charge+ as a leader in the green mobility revolution,” said Vicknesh Pillay, Co-Founder and Managing Partner of TNB Aura.