HSBC Asset Management’s (HSBC AM) Energy Transition Infrastructure (ETI) unit has acquired a stake in a Singaporean electric vehicle (EV) charging operator SP Mobility.
HSBC AM ETI’s investment is intended to support SP Mobility’s 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’s parent SP Group, said: “HSBC AM’s investment validates SP’s vision to pioneer Singapore’s first large-scale public EV-charging network, supporting the nation’s green mobility efforts.
“We 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.”
Paul Rhodes, the head of Asia Pacific energy transition infrastructure at HSBC Asset Management, said: “We 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.
“Singapore’s 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.”
The deal is HSBC AM ETI’s 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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