NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS"), the first U.S.-listed EV charging service company in China, announced a new partnership with the State Grid Corporation of China's Hebei Electric Vehicle Charging Service Company ("State Grid Hebei") to integrate over 2,800 public chargers into NaaS's strategic partner Kuaidian's charging service network. This partnership represents a significant step forward in NaaS's efforts to advance charging interconnection and increase supply side coverage, a strategic priority the Company announced earlier this year.
This collaboration will enhance the charging experience for more than one million EV owners across key cities in Hebei Province, including Shijiazhuang, Baoding, Xingtai, Cangzhou, Handan, and Hengshui, seamlessly connecting State Grid Hebei's charging network with the Kuaidian app to provide more convenient, efficient, and intelligent charging services. Users will gain access to a range of features including charging station location, real-time charger availability, one-click payments, and navigational support, optimizing their charging experience.
Ms. Yang Wang, Chief Executive Officer of NaaS, commented, "This collaboration marks another milestone in NaaS's mission to improve China's EV charging ecosystem. By leveraging our NEF (NaaS Energy Fintech) system's AI-driven capabilities and our vast array of strategic partnerships, we are transforming the charging experience, improving operational efficiencies, and propelling the rapid adoption of electric vehicles in key regions like Hebei. The integration with State Grid Hebei's charging infrastructure is a prime example of how our technology can help fulfill the growing demand for EV charging services across the country."
Mr. Steven Sim, Chief Financial Officer of NaaS, commented, "This partnership not only expands our market presence in Hebei Province but also demonstrates the financial strength and scalability of our NEF system. We believe that expanding our charging infrastructure footprint will provide a solid foundation for our financial performance in the coming quarters. This strategic collaboration also aligns with our long-term financial goals, with a focus on our core charging business, and underscores our commitment to delivering sustainable value to our shareholders through innovative and scalable solutions in the EV charging sector."
The newly connected charging stations in Hebei will expand the availability and coverage of public charging infrastructure, particularly in high-demand cities such as Shijiazhuang, Baoding, and Tangshan, where EV adoption rates have been growing rapidly. According to data from the China Charging Alliance, Hebei Province was home to approximately 1.03 million new energy vehicles and 95,000 public chargers as of August 2024. Hebei ranks fourth in China for public charging volume, trailing only Guangdong, Jiangsu, and Zhejiang provinces, with EV sales and penetration rates growing at an impressive pace. For instance, in September 2024, Shijiazhuang's new car sales penetration reached 49.95%, with sales increasing by 45.4% year-on-year, outpacing the industry's overall growth, according to the same source.
NaaS's NEF system plays a key role in enhancing the efficiency of regional charging infrastructure, utilizing real-time data on local charging demand and dynamic electricity pricing to optimize charging stations' operations, improve user flow, and enable precise marketing and service delivery. Additionally, the system's intelligent site selection and operational monitoring capabilities help charging station operators align supply and demand more accurately, improving their profitability and operational efficiency. As the NEF system's applications expand and deepen, its impact on supply-demand matching, station profitability, and industry efficiency is also increasing. Its positive outcomes have attracted widespread market recognition, solidifying NaaS's position as a key player in the EV charging industry.
