Founder Group Announces Investment in Nichcom Go Sdn. Bhd., Operator of SpacePlus EV Charging Network, to Expand Market Leadership in EV Industry
Rhea-AI Summary
Founder Group (Nasdaq: FGL) announced it has completed the acquisition of a 19.90% equity interest in Nichcom Go, the Malaysian Charge Point Operator behind the SpacePlus EV charging network. According to Founder Group, Nichcom Go develops and manages electric vehicle charging facilities across Malaysia.
The company highlights rapid EV adoption, with Malaysia’s battery EV sales rising 109% year-on-year to 30,850 units in 2025 and the EV charging market estimated at US$143.4 million in 2024, projected to reach US$539.4 million by 2030. As of May 31, 2026, 6,416 chargers are installed nationwide versus a 30,000 public chargers target by 2030 under the National Energy Transition Roadmap. SpacePlus is expanding beyond Selangor into Perak, Melaka and Johor and has an overseas footprint via a partnership in the United States.
Founder Group plans to leverage its solar EPCC and battery energy storage capabilities to help SpacePlus gradually adopt solar-powered charging, which it views as a strategic fit with the charging network’s scale-up plans.
Positive
- Completed 19.90% stake acquisition in Nichcom Go, operator of SpacePlus EV charging network
- Strategic alignment of SpacePlus charging network with Founder Group’s solar EPCC and BESS capabilities
- SpacePlus charging footprint expanding into Perak, Melaka and Johor within Malaysia
- SpacePlus gains first overseas presence in the United States via Terravis’s Worksport charger using its app
Negative
- None.
News Explained
The acquisition is complete and gives Founder Group a
Market reaction after EV charging investment: FGL -12.45%
Following this news, FGL has declined 12.45%, reflecting a significant negative market reaction. Argus tracked a peak move of +31.0% during the session. Our momentum scanner has triggered 54 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $0.24. Trading volume is exceptionally heavy at 109.9x the average, suggesting significant selling pressure.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 20 | Solar contract award | Positive | -21.3% | US$1.5 million EPCC subcontract for a 29.99MWac solar facility |
| Aug 12 | Aquaculture contract | Positive | +3.2% | US$1.37 million rooftop solar contract for a shrimp processing facility |
| Aug 10 | Aquaculture contract | Positive | -6.4% | US$1.15 million rooftop solar contract for an integrated shrimp farm |
| Apr 10 | Nasdaq compliance | Positive | -2.1% | Nasdaq confirmed compliance with the minimum publicly held shares requirement |
| Mar 25 | Solar contract award | Positive | -18.1% | US$8.6 million LSS5 EPC contract for a 9.5MW solar facility |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across five recent general-news events, four positive announcements were followed by negative 24-hour reactions, while one positive event aligned with a positive reaction.
Key Terms
epcc technical
solar pv technical
charge point operator technical
bess technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
KUALA LUMPUR, Malaysia, Aug. 25, 2026 (GLOBE NEWSWIRE) -- Founder Group Limited (“Founder Group” or the “Company”) (Nasdaq: FGL), a Malaysia-headquartered, pure-play end-to-end EPCC solutions provider for solar PV facilities announced that it has completed the acquisition of a
Malaysia's Electric Vehicle Charging Market: A Fast-Growing Opportunity
Malaysia's underlying EV market is expanding fast as battery EV sales rose
Although Malaysia’s electric vehicle (EV) charging market is growing rapidly, the supply continues to trail demand, creating an opportunity for SpacePlus as a Charge Point Operator (CPO) that develops and manages EV charging infrastructure. Crowdsourced charger-mapping platforms such as PlugShare, widely used by EV drivers have shown the quality and performance of each charging station including the high rating of SpacePlus Charging station who contributes not only charging but also the collaboration with nearby F&B outlet around the charging stations.
The Malaysia Ministry of Investment, Trade and Industry (MITI) reported a total of 6,416 electric vehicle chargers have been installed nationwide as of May 31, 2026, this total is comprised of 2,143 DC chargers and 4,273 AC chargers. The total is still short of the original 10,000 unit target set for 2025. Malaysia's National Energy Transition Roadmap (NETR) has since raised the bar further, targeting 30,000 public charging stations by 2030, roughly five times the total installed base today.
This significant gap is opening up even as EV sales and adoption accelerates. Official Jabatan Pengangkutan Jalan (JPJ) registration data reported 14,591 EV registrations in Q1 2026. This is more than double the 6,827 units registered in Q1 2025 which represents an actual surge of
SpacePlus: Expanding Beyond Selangor
SpacePlus's footprint has grown well beyond Selangor, and is now extending into Perak, Melaka and venturing into Johor public charging facilities, marking SpacePlus's expansion into a new state, and it has also crossed borders entirely through a partnership deal in the United States, where Terravis's Worksport charger, a subsidiary of Worksport Ltd. runs on SpacePlus's app infrastructure which gives the brand its first overseas footprint in addition to its growing presence in Malaysia.
CEO Commentary
“Today, most EV charging stations in Malaysia still run on grid electricity from Tenaga Nasional Berhad. We see that as an opportunity, not a limitation because as a solar EPCC company with in-house BESS capabilities, we can help SpacePlus stations move toward solar-powered charging over time, which lowers running costs for Nichcom Go and gives our own solar and battery storage business new sites to scale into. This investment will be a strategic fit for both of us: they bring the charging network and customer reach, we bring the energy infrastructure to power it more sustainably,” said Lee Seng Chi, Chief Executive Officer, CEO of Founder Group Limited.
“We have set a clear goal of deploying 1,000 EV charging stations across Malaysia by 2028, and this strategic partnership gives us the capital, expertise and energy capabilities to accelerate that roadmap,” said Nilson Chong, Founder and Chief Executive Officer, CEO of Nichcom Go Sdn. Bhd. “As Malaysia’s EV market continues to expand, we believe the ability to scale reliable charging infrastructure efficiently will be a key differentiator. With Founder Group’s capabilities in solar and battery energy storage, we are better positioned to build a more integrated, sustainable and scalable charging network while creating greater long-term value for our partners and EV users.”
About Nichcom Go Sdn. Bhd.
Nichcom Go Sdn. Bhd. is a Malaysian Charge Point Operator (CPO) behind the SpacePlus EV charging brand. The company provides EV charging facilities and digital charging services through its network of EV charging infrastructure and Nichcom Go Sdn. Bhd. also covering the development, installation, operation and management of EV charging solutions for commercial buildings.
The company’s mission is to provide reliable and accessible EV charging solutions, enhance the charging experience for EV users and support the transition towards sustainable mobility.
For more information on the Company, please visit https://www.nichcomgo.com/.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon neutrality.
For more information on the Company, please visit https://www.founderenergy.com.my/.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
CONTACT INFORMATION:
For media queries, please contact:
Founder Group Limited
info@founderenergy.com.my
