HSBC Asset Management has acquired a significant minority stake in Singapore-based electric vehicle (EV) charging operator SP Mobility, marking a strategic investment in the rapidly expanding EV infrastructure sector.
A joint statement issued on 11 February did not disclose the size or value of the investment. However, an HSBC spokesperson described it as a “significant minority stake,” highlighting the bank’s increasing focus on sustainable infrastructure in Asia.
The partnership aims to leverage HSBC Asset Management’s experience in scaling infrastructure platforms with SP Mobility’s strong market presence in Singapore. Both companies stated that the collaboration would explore opportunities for inorganic growth and expansion of SP Mobility’s EV charging network.
Founded in 2018, SP Mobility operates one of the largest EV charging networks in Singapore, with over 1,900 charging points, including the highest number of fast chargers in the country. Previously, it was a wholly owned subsidiary of state-owned power grid operator SP Group.
Paul Rhodes, head of Asia-Pacific energy transition infrastructure for HSBC Asset Management, noted that Singapore’s EV market is one of the fastest-growing in the region, presenting significant investment potential.
“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,” Rhodes said.
S Harsha, managing director for sustainable energy solutions at SP Group, described the partnership as a “transformational collaboration” that will help expand Singapore’s EV charging network and improve services for customers.
“Strategic collaborations are essential for driving growth, community engagement, and adoption in the EV industry,” Harsha stated.
The investment aligns with HSBC Asset Management’s broader expansion into alternative energy investments in Asia. In early 2023, the firm added Green Transition Partners, a Hong Kong-based energy transition asset manager, to its portfolio. Later that year, HSBC acquired Japanese solar power company Tekoma Energy as part of its continued commitment to renewable energy investments.
