NaaS: Futher development in the Chinese EV charging market
Headquartered in China, NaaS is one of China's largest and fastest growing EV charging service providers, and is the first U.S. listed EV charging service company in China.
NaaS provides charging station operators and EV owners with online and offline charging solutions and non-charging value-added services. Newlink NaaS also serves charger manufacturers, OEMs and other industry partners, helping to make charging faster, more convenient, with a superior customer experience - and in the process improving the operational efficiency for all parties within the industry value chain.
The company was founded in 2019 by Yang Wang, the company CEO, with an aim to become the world's leading provider of new energy services. NaaS has provided over 44,000 charging stations, and serviced over 2.5 million new energy vehicle owners, totally a cumulative carbon emission reduction of over 895,000 tons.
"Our vision is to power the world with carbon-neutral energy," Wang says.
"Through innovative products and services, NaaS seeks to enable the efficient utilization of charging facilities, and to make this a part of the structural changes in China's energy infrastructure, realizing an important step on the road toward carbon neutrality."
Acceleration for EV charging
Recognised by EV Magazine as one of the Top 10 Largest Electric Charger Companies in the World, NaaS seems to be going from strength to strength, and the company’s Q3 2023 financial results certainly enforce this.
"Our exceptional third quarter operating and financial results reflect the significant expansion of our business. Led by our increasing capabilities in energy management and storage solutions, our total revenues increased six-fold year-over-year and tripled quarter-over-quarter," says Wang.
"We have fortified our local footprint by extending our partnership networks and winning new, important contracts in energy storage, including securing the leading integrated 'PV-storage-charging-swapping' project in Anji. Meanwhile, our expansion beyond mainland China has already yielded fruitful results and contributed 32.7% of total revenues this quarter. The consistent recognition we've received for our integrated energy infrastructure solutions, both domestically and internationally, underscores our commitment to the global energy transition across the key drivers of renewables, electrification, and energy storage improvements. As we further advance sustainable, clean energy solutions on a global scale, we endeavour to become a leading integrated new energy asset management and services provider."
Key operational highlights in the quarter include:
- The number of orders transacted through NaaS’ network reached 59.2 million, an increase of 58% YoY.
- The charging volume processed through NaaS’ network reached 1,383 GWh, up 66% YoY.
- As of September 30, 2023, 767,611 chargers have been connected to NaaS’ network, covering 73,710 charging stations, representing increases of 76% and 65% from the previous year, respectively. This also accounts for 41.6% and 50% of the public charging market share in China, respectively.
NaaS is optimistic for its short- and long-term growth underpinned by its commitment to global energy transition by advancing sustainable, clean energy solutions on a global scale. It is currently expanding across key markets in Europe, Southeast Asia and the Middle East.
"We're pleased with our stellar third-quarter performance fueled by the significant growth in our energy solutions business, which contributed 81% of our revenues in the quarter," comments Alex Wu, NaaS' President and Chief Financial Officer.
"As we continue to grow our business, both in domestic and international markets, we remain dedicated to providing sustainable new energy solutions while exploring diverse opportunities that drive the industry forward."
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