Oct 24, 2023

CHARGE+ secures Series A funding to accelerate its expansion plans into Southeast Asia

SINGAPORE - Charge+, Singapore’s largest electric vehicle (EV) charging operator with more than 1,000 EV charging points implemented across various facility types, has secured an undisclosed Series A funding round led by TRIVE Venture Capital to accelerate the expansion of its EV charging infrastructure in Singapore and throughout Southeast Asia.

The Singapore government has announced a target of 60,000 EV charging points by 2030. Additionally, research from Power Technology Research indicates the Southeast Asian region is expected to install about 202,000 EV charging points by 2026.

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 two key priorities. Firstly, 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. Secondly, the company will implement a 5,000km EV charging highway across five Southeast Asian countries, which is slated to become the longest EV charging backbone in the region.

Charge+ is also growing rapidly across Southeast Asia with EV charging operations now in Malaysia, Thailand, Vietnam, Indonesia and Cambodia. By 2030, the company aims to deploy 30,000 EV charging points globally and contribute meaningfully to advancing electric mobility adoption in the region.

In addition to building its own infrastructure, Charge+ will partner with other regional EV charging operators to leverage its proprietary mobile application and expand the network. Such roaming arrangements had been signed with Malaysia's Tenaga Nasional Berhad (TNB), 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.

The Series A financing represents a pivotal milestone in supporting Charge+'s strong growth trajectory across Singapore and the broader region. "Since founding Charge+ in 2018, our vision has been to catalyze electric mobility adoption across Southeast Asia. We are therefore pleased to have partnered with TRIVE, an ideal investor to lead this Series A and provide the foundation for our next phase of expansion," said Ong Tze Boon, Chairman of Charge+.

As a venture capital firm focused on impact investing at the early stage of high-growth technology companies, TRIVE views Charge+ as a strategic addition with a mission well-aligned with generating sustainable incomes and improving public health in Southeast Asia.

"TRIVE is honoured to become an institutional investor in Charge+. We are confident that Charge+’s determination and innovative culture will be integral to their expansion goals. By developing clean infrastructure regionally, we can drive meaningful positive change to both human mobility and public health,” said Christopher Quek, Managing Partner of TRIVE.

Consistent with other TRIVE venture investments, Quek will join Charge+’s board to support the company’s development and growth. CHARGE+ announced the launch of the longest EV Charging Highway in Southeast Asia (chargeplus.com)