• Strategic Growth: HSBC Asset Management (HSBC AM) invests in SP Mobility, Singapore’s largest high-speed EV charging network operator.
• EV Market Surge: Singapore sees record EV adoption, with over a third of new car registrations in 2024.
• Expansion & Innovation: Partnership to accelerate network growth, enhance services, and explore new market opportunities.

HSBC Asset Management’s Energy Transition Infrastructure (ETI) team has taken a strategic stake in SP Mobility, an SP Group company leading Singapore’s EV charging infrastructure.

Why it matters:

Singapore is witnessing one of Southeast Asia’s fastest EV adoption rates. SP Mobility, already a market leader, is positioned to expand rapidly to meet growing demand.

Related Article: Mercedes-Benz Accelerates Global High-Power EV Charging Network

The big picture:

This investment aligns HSBC AM’s expertise in infrastructure growth with SP Mobility’s leadership in EV charging. The partnership aims to scale up charging solutions, leverage inorganic growth opportunities, and drive green mobility adoption.

Industry Voices:

Paul Rhodes, Head of Energy Transition Infrastructure, HSBC AM: “We are delighted to announce our investment in SP Mobility, which is in line with our mid-market, value-added, direct equity strategy. Singapore’s EV market is one of the fastest-growing in the region, and we see great potential in this area.”

S. Harsha, Managing Director for Sustainable Energy Solutions, SP Group: “HSBC AM’s investment validates SP’s vision to pioneer Singapore’s first large-scale public EV charging network. Strategic collaborations are essential for driving growth, community engagement, and EV adoption.”

Looking ahead:

HSBC AM’s investment will support SP Mobility’s expansion, including recent projects such as:

• Partnering with SingHealth to roll out 300 EV charging points across healthcare facilities.
• Collaborating with Pyxis on electric vessel charging.
• Working with EV Connection in Malaysia to develop cross-border EV infrastructure.

This marks HSBC AM ETI’s second investment in Asia Pacific’s energy transition sector, following its stake in Tokyo-based Tekoma Energy, a renewable energy platform.

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