NaaS Collaborates with CSG Hainan EV, Offering Charging Services in China's 1st EV Penetration Market Hainan

Rhea-AI Summary

NaaS Technology (NAAS) collaborates with CSG Hainan EV to offer EV charging services in Hainan, China, the province with the highest EV penetration rate in China. NaaS integrates 193 charging stations and 700 DC chargers into its network, enhancing accessibility for local EV owners. Hainan Province boasts 292,700 EVs with a car-to-pile ratio of 2.5:1. NaaS aims to boost industrial efficiency through digital technologies and AI, with 73,000 charging stations and 767,000 chargers connected as of September 30, 2023.

Energy Sector Analyst

The collaboration between NaaS Technology and China Southern Power Grid (Hainan) EV Service Co., Ltd. signifies a strategic move within the EV charging infrastructure domain. This partnership is likely to enhance the accessibility and efficiency of EV charging services in Hainan Province, potentially leading to increased usage and customer satisfaction. From an energy sector perspective, the integration of 193 charging stations and 700 DC chargers into NaaS's national network is a substantial expansion, considering the company's existing connectivity of 73,000 charging stations and 767,000 chargers.

For investors, the key takeaway is the potential for increased revenue streams for NaaS through the expansion of its service offerings and the tapping into Hainan's high EV penetration market. Moreover, the emphasis on digitalization and AI in improving operational efficiency could lead to cost savings and improved margins over time. However, it's important to monitor how this expansion aligns with China's broader 'dual-carbon' targets and any regulatory changes that may affect the EV infrastructure landscape.

Market Research Analyst

Hainan's position as a leader in EV penetration in China provides a unique market opportunity for NaaS. The province's high accessibility to EVs and the car-to-pile ratio of 2.5:1 suggest a growing market for charging services which NaaS is poised to capture. The collaboration could also serve as a model for other regions, potentially leading to further partnerships and expansions for NaaS.

From a market research standpoint, it's important to consider consumer behavior in Hainan, particularly how the integration of new charging stations and services via the Kuaidian APP could influence user experience and adoption rates. The added convenience of features like one-click charging and online payment could be a significant draw for EV owners, thereby increasing the usage frequency of NaaS's network.

Financial Analyst

Financially, the expansion of NaaS's charging network in Hainan has the potential to contribute positively to the company's bottom line. The reported charging volume of 1.383 billion kWh in Q3 2023, accounting for 21.8% of the national total, indicates robust demand which could be further bolstered by this initiative. Investors should look for increases in charging volume and station utilization rates in subsequent financial reports as indicators of the success of this partnership.

It's also worth noting that the EV charging sector is capital intensive and the initial costs of expanding infrastructure could impact short-term financials. Long-term, however, the strategic positioning in Hainan could yield significant returns if EV adoption continues to rise and if NaaS maintains or improves its service efficiency. The company's investment in digital technologies and AI hints at a focus on long-term operational excellence and cost management.

BEIJING, March 22, 2024 /PRNewswire/ -- Recently, NaaS Technology(NASDAQ: NAAS), the first US-listed EV charging service company in China, announced cooperation with China Southern Power Grid (Hainan) EV Service Co., Ltd. (later referred to as CSG Hainan EV). The two parties will join hands in the connectivity of charging infrastructure and payment service, etc., thus empowering local EV owners in Hainan Province, through the construction of more accessible charging network and more efficient use of charging piles. Hainan Province has the highest penetration rate of EV among China's provincial regions.

As agreed, NaaS, in collaboration with its strategic partner Kuaidian APP, has incorporated 193 charging stations and 700 DC chargers owned by CSG Hainan EV into its national charging service network. Through the APP, users can search for charging stations nearby, including price, location and navigation, along with other value-added services such as one-click charging and online payment.

Known as a tourists and trade destination located at southern China, Hainan Province also notably tops all other provinces and municipalities in accessibility of EVs --in 2023, the region represented China's highest EV penetration rate of 50.8%. The province now has 292,700 EVs, with a car-to-pile ratio of 2.5:1, according to the preliminary statistics of the Department of Finance of Hainan Province.

CSG Hainan EV, an affiliate of China Southern Power Grid, is a provincial operator which provides EV services within the region. Taking the digitalization and platformization of charging infrastructure in Hainan as a priority, the company makes solid progress in installation and operation, also with a view to achieve the "dual-carbon" targets in the Hainan Free Trade Port.

As a new energy asset operator, NaaS provides one-stop new energy industry chain services, including siting consultation, procurement of software and hardware, EPC, operation & maintenance, energy storage, PV and automatic charging robots, etc., to boost industrial efficiency by leveraging digital technologies and AI. As of September 30, 2023, NaaS connected 73,000 charging stations and 767,000 chargers. In Q3 2023, the charging volume of NaaS reached 1.383 billion kWh, representing 21.8% of the national total.

NaaS enhances the connectivity of charging network and digital operation with sustained effort. It has entered into cooperation with charging station operators in Jilin, Guangdong, Shaanxi, Fujian and elsewhere nationwide, expanding its national EV charging service network as well as leveraging its digitalized operation services to the industry.

Contact:
Sabrina Wang
wangxuedong@newlink.com 

 

View original content:https://www.prnewswire.com/news-releases/naas-collaborates-with-csg-hainan-ev-offering-charging-services-in-chinas-1st-ev-penetration-market-hainan-302096885.html

SOURCE NaaS Technology Inc.

What is the collaboration between NaaS Technology and CSG Hainan EV about?

The collaboration focuses on enhancing the connectivity of charging infrastructure and payment services for local EV owners in Hainan Province.

How many charging stations and DC chargers did NaaS integrate into its network?

NaaS integrated 193 charging stations and 700 DC chargers owned by CSG Hainan EV into its national charging service network.

What is the EV penetration rate in Hainan Province?

Hainan Province has the highest EV penetration rate in China, with 292,700 EVs and a car-to-pile ratio of 2.5:1.

What services does NaaS Technology provide?

NaaS provides one-stop new energy industry chain services, including siting consultation, procurement of software and hardware, EPC, operation & maintenance, energy storage, PV, and automatic charging robots.

How many charging stations and chargers were connected by NaaS as of September 30, 2023?

As of September 30, 2023, NaaS connected 73,000 charging stations and 767,000 chargers.