EV Battery Operator Startup Charge+ Gets Funding, Strengthens Expansion in Southeast Asia

Operator startup electric vehicle charging (EV) Charge+ announced that it has received series A funding led by TRIVE Venture Capital, an investor from Singapore that focuses on early stage investments. There was no mention of the funds raised in this round.

This startup from Singapore will use fresh funds to achieve two main goals. Firstly, Charge+ will fulfill an ongoing tender contract awarded by the Land Transport Authority of Singapore (LTA) to provide approximately 4.000 EV charging points in Housing Development Board (HDB) public housing parking lots.

Second, the company will embark on an ambitious project to create a 5.000 km electric vehicle charging highway spanning the five Southeast Asian countries where it operates. This ambition is to realize Charge+ as the longest electric vehicle charging backbone in the region.

Based on the company's official statement as reported by Vulcan Post, Chairman of Charge+ Ong Tze Boon said, “Since Charge+ was founded in 2018, our vision has been to catalyze the adoption of electric mobility in Southeast Asia. Therefore, we are pleased to partner with TRIVE, the ideal investor to lead this series A and provide a foundation for the next phase of expansion.”

Following this investment, TRIVE Managing Partner Christopher Quek, will join the Charge+ board to support the company's development and growth.

Charge+ claims to currently have more than 1.000 electric vehicle charging points spread across various types of facilities in Singapore. These charging stations are strategically located in public housing, condominiums, shopping centers, commercial buildings and industrial facilities.

The company is known for designing the world's thinnest EV charger and features a dual connector configuration for increased usability.

Apart from Singapore, this company is present in five Southeast Asian countries, namely Malaysia, Thailand, Vietnam, Indonesia and Cambodia. In the long term, the company plans to be present at 30.000 electric vehicle charging points globally by 2030 and contribute significantly to the advancement of electric mobility in the region.

In addition to expanding its own charging infrastructure, Charge+ will collaborate with other regional electric vehicle charging operators to leverage the app they built, Charge+, creating a seamless network.

Roaming agreements have been signed with Bahan Nasional Berhad (TNB) in Malaysia, the Electric Generating Authority of Thailand (EGAT), and PT PLN in Indonesia. This agreement will allow Charge+ app users to easily access a wider pool of electric vehicle chargers in each country.

Charge+ in Indonesia

For the record, Charge+ was present in Indonesia at the beginning of this year, with brandUtomo Charge+. This is a joint venture (JV) between PT Utomo Juragan Atap Surya Indonesia (UJASI) and Charge Plus. In the company profile, UJASI is a national roof manufacturer and provider of renewable energy solutions, especially Solar Power Plants (PLTS) and Energy Storage Systems.

Utomo Charge+ is led by Anthony Utomo as Managing Director. He has been involved in the fields of PLTS, Energy Storage Systems, and Clean Mobility Infrastructure Development.

At its headquarters, Charge+ develops seven products for EV charging, each with its advantages. Among them, the Marvel 72 which is claimed to be the slimmest electric vehicle charger in the world and the Turbo 600, namely fast charger for public locations, capable of fast charging starting from 20 minutes.

In Indonesia, the Utomo Charge+ Public Electric Vehicle Charging Station (SPKLU) network is spread across Surabaya, Bali and Jakarta.

Electric vehicle users who want to charge can check the distribution of SPLKU Charge+ via the Charge+ application. Not only checking locations, there are other features available, such as knowing points charger which ones are available and currently in use, real-time monitoring system chargerand monitor all transaction history and charging activities.

Players like Charge+ are increasingly present in Indonesia, including Starvo, Casion, Astra Otopower, Green Energy Station, Shell Recharge, Medco, EVLink, Charged Indonesia, and others.

Based on data from PLN as of July 2023, the number of SPKLUs in operation has reached 842 units, while SPBKLU (Public Electric Vehicle Battery Exchange Stations) is 1.346 units. A total of 616 SPKLUs were developed by PLN. PLN will pursue the target of adding around 24.000 SPKLU with a partnership scheme.

To attract potential partners, PLN has prepared a number of strategies. Namely, freeing up subscription deposits (UJL) for partners, giving partners the freedom to determine the SPKLU design, as well as making it easier to share turnover through digitalization.

According to the road map for the growth of electric vehicles by 2030, the government targets the number of SPKLU to grow to 48.118 units, while SPBKLU reaches 196.179 units.