NaaS, one of the largest and fastest-growing electric vehicle charging service providers in China, announced at the end of last year that the company has appointed Alex Wu as its new CFO and President, effective January 15. Wu will also join the company’s board of directors.
Previously a Managing Director of Bain Capital Private Equity, Wu accumulated rich experience in finance, technology and management. After joining NaaS, he will be in charge of the company’s business management, financial management, and mergers and acquisitions, assisting the company with medium and long-term strategic development. He is expected to help NaaS implement a new strategy and capture the fast-growing Chinese new energy vehicle market.
NaaS is a subsidiary of Newlinks Technology Limited. Bain Capital invested in Newlinks in March 2021 as the lead investor and was also involved in the pre-IPO funding of NaaS in January 2022.
As of September 30, 2022, NaaS’ charging solutions had serviced 1,282 charging station operators and had connected over 45,000 charging stations with over 434,000 chargers on NaaS’ network. In the first three quarters of 2022, charging volume transacted through the company’s network reached 1,892GWh, and gross transaction value reached 1,861 million yuan ($270 million), representing 2.29 times and 2.35 times that of the same period of 2021, respectively. The company also established strategic cooperation partnerships with energy corporation Chevron, automaker Li Auto and NEWRIZON, NavInfo’s smart charging integration solutions subsidiary Ohways, and other industry partners during the third quarter of 2022.
China’s EV and charging services markets have maintained a rapid growth rate. According to Frost & Sullivan’s forecast, the number of public chargers will reach 1.24 million by the end of 2022, with a year-over-year growth rate of 52.9%. With the increasing penetration of EV cars, the growth rate will continue to accelerate in 2023 to 72.6%, with 2.1 million public chargers expected to be installed.