Electric vehicle (EV) charging service company NaaS Technology has agreed to acquire Swedish EV charging infrastructure supplier Charge Amps in a deal worth around SEK724m ($66.4m).

The consideration for the transaction will be a combination of cash and newly issued Class A ordinary shares of the Nasdaq-listed NaaS Technology.

Established in 2012, Charge Amp offers a portfolio of EV charging hardware and charge point management systems. These include various AC use cases at work, home, and destination.

The firm also enables quick integration to charge point operators and value-added energy management functionalities for end-users.

Charge Amps CEO Olle Tholander said: “We believe that NaaS has both the expertise and financial strength to support Charge Amps’ growth journey under the same brand in Europe with an expanded product offering and the means to expedite the Company’s expansion plans.

“With NaaS’ extended product portfolio, Charge Amps will not only be able to bring more competitive and purposeful solutions to users, but also accelerate the transition to an electrified life and open the gateway to a smarter ecosystem.”

Through the deal, both parties expect to engage in a comprehensive and extensive integration across various aspects, including technology, products, personnel, capital, and market viewpoints.

According to NaaS Technology, Charge Amps’ technological innovation and market channel expertise will help it execute localised services in Europe.

Besides, the US-listed EV charging service company aims to become a one-stop EV charging solutions provider by attaining business synergy throughout the whole chain towards a broader scope of the global business layout.

The publicly listed firm is a subsidiary of China-based energy digitalisation group Newlinks Technology.

NaaS Technology co-founder, president and CFO Alex Wu said: “We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity.

“We are confident that we can work with the Charge Amps team to further strengthen its leading position in the EV charging space. We have also developed an integration plan that will see new products launched through the Charge Amps channels.”

The deal is subject to customary closing conditions.