HSBC Asset Management鈥檚 (HSBC AM) Energy Transition Infrastructure (ETI) unit has acquired a stake in a Singaporean electric vehicle (EV) charging operator SP Mobility.
HSBC AM ETI鈥檚 investment is intended to support SP Mobility鈥檚 efforts to expand its EV-charging infrastructure and promote electrification through collaborations with the public and private sectors.
Financial details of the transaction were not disclosed.
S Harsha, managing director for sustainable energy solutions at SP Mobility鈥檚 parent SP Group, said: 鈥淗SBC AM鈥檚 investment validates SP鈥檚 vision to pioneer Singapore鈥檚 first large-scale public EV-charging network, supporting the nation鈥檚 green mobility efforts.
鈥淲e believe that strategic collaborations are essential for driving growth, community engagement and adoption in the EV industry, and we are excited to partner with HSBC AM in this transformational collaboration to deliver greater value to our customers and provide them with a larger network of EV chargers.鈥�
Paul Rhodes, the head of Asia Pacific energy transition infrastructure at HSBC Asset Management, said: 鈥淲e are delighted to announce our investment in SP Mobility, which is in line with our mid-market, value-added, direct equity strategy as well as our focus on developed Asia markets.
鈥淪ingapore鈥檚 EV market is one of the fastest growing segments in the region and we see great growth potential in this area. This investment allows us to provide our investors with access to a new generation of asset classes that support the energy transition in the region.鈥�
The deal is HSBC AM ETI鈥檚 second portfolio company under its Asia-focused, mid-market, value-added energy transition infrastructure strategy. Its first investment was in Tekoma Energy, an Asia renewable-energy platform headquartered in Tokyo.
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