HSBC Asset Management (HSBC AM) announced an investment by its Energy Transition Infrastructure (ETI) team in Singapore-based EV charging company SP Mobility. Terms of the investment were not disclosed.

Founded in 2018, SP Mobility operates Singapore’s largest and fastest public EV charging network, with more than 1,900 charging points in retail, commercial, industrial, residential and other public locations. The company offers a app for drivers enabling them to locate nearby charging points and to manage and pay for charging sessions, and works with fleet operators, automotive OEMs, retail, commercial and residential buildings to provide EV charging solutions. The company is part of energy utility SP (Singapore Power) Group.

HSBC AM said that the new investment marks a strategic partnership with SP Mobility, combining its expertise in growing infrastructure platforms in the Asia Pacific region with SP Mobility’s leading position in Singapore’s EV charging market, as well as leveraging HSBC’s experience to explore inorganic growth opportunities and accelerate the expansion of SP Mobility’s suite of EV charging solutions. Singapore is experiencing one of the highest EV adoption rates in Southeast Asia — with over a third of new car registrations in 2024 going to EVs, according to a Bloomberg report, with SP Mobility set to support the growing demand for electric transport, HSBC AM said.

S. Harsha, Managing Director for Sustainable Energy Solutions, 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.”

The investment marks the second portfolio company for HSBC AM’s ETI strategy. The team was established following the asset manager’s addition of an energy transition infrastructure-focused investment team to its alternatives unit in Asia, in a business transfer agreement with Hong Kong-based asset manager Green Transition Partners in 2023. The team targets mid-market investments in areas including renewable energy generation, storage, grids, charging and hydrogen infrastructure, working alongside in-country developers. The platform’s first investment was in Tokyo-based solar platform Tekoma Energy.

Paul Rhodes, Head of Energy Transition Infrastructure, Asia Pacific, 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 Pacific 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.”