HSBC Asset Management ETI team invests in SP Mobility
Left to Right: Paul Rhodes, Head of Energy Transition Infrastructure, Asia Pacific, HSBC Asset Management and S. Harsha, Managing Director for Sustainable Energy Solutions, SP Group
SP Mobility has been at the forefront of developing Singapore’s EV charging infrastructure since 2018 and currently operates the nation’s largest high-speed EV charging network. As a market leader in Singapore, SP Mobility boasts a strong track record and is well-positioned to rapidly expand its operations, reinforcing its pivotal role in the evolving EV landscape. With Singapore experiencing one of the highest EV adoption rates in Southeast Asia — over a third of new car registrations in 20242 — SP Mobility is set to support the growing demand for electric transport.
This investment marks a strategic partnership between HSBC AM and SP Mobility, that combines HSBC AM’s expertise in growing infrastructure platforms in Asia with SP Mobility’s leading position in Singapore’s EV charging market. Together, both parties aim to amplify SP Mobility’s EV charging network and deliver an enhanced service offering for EV drivers. This collaboration will leverage HSBC AM’s experience in transition infrastructure to explore opportunities for inorganic growth and accelerate expansion for SP Mobility’s suite of EV charging solutions.
Paul Rhodes, Head of Energy Transition Infrastructure, Asia Pacific, HSBC Asset Management, said: “We are delighted to announce our investment in SP Mobility, which is in line with our mid-market, value-added, direct equity strategy as well as our focus on developed Asia markets. Singapore’s EV market is one of the fastest growing segments in the region and we see great growth potential in this area. 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.”
S. Harsha, Managing Director for Sustainable Energy Solutions, SP Group, remarked: “HSBC AM's investment validates SP’s vision to pioneer Singapore’s first large-scale public EV charging network, supporting the nation’s green mobility efforts. We believe that strategic collaborations are essential for driving growth, community engagement and adoption in the EV industry, and we are excited to partner with HSBC AM in this transformational collaboration to deliver greater value to our customers and provide them with a larger network of EV chargers.”
HSBC AM ETI’s investment in SP Mobility aims to support SP Mobility’s mission to scale up its EV charging infrastructure and enable green electrification through public and private sector collaborations. In 2024, SP Mobility achieved several milestones, including partnering SingHealth to progressively rollout 300 EV charging points – the largest deployment in the public healthcare cluster – and working with Pyxis on electric vessel charging and EV Connection in Malaysia on cross-border collaboration.
This is HSBC AM ETI’s second portfolio company under its Asia-focused, mid-market, value-added energy transition infrastructure strategy, following an investment in Tekoma Energy, a developed Asia renewable energy platform, headquartered in Tokyo.
Media enquiries:
HSBC AM
Carol Chan (Singapore) | +65 9830 1514 | carol.a.chan@hsbc.com.sg
Teresa Yim (Asia Pacific) | +852 2288 1625 | teresa.t.c.yim@hsbc.com.hk
SP Group
Jansen Yeo | +65 9831 0401 | jansenyeo@spgroup.com.sg
Emelyne Sng | +65 9152 8263 | emelyneskc@spgroup.com.sg
1 Subject to customary filings
2 Source: The Straits Times – https://www.straitstimes.com/singapore/transport/singapore-will-have-largest-share-of-passenger-evs-in-s-e-asia-by-2040-report
Note to Editors:
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.
HSBC Asset Management
HSBC Asset Management should be referred to either in full or as HSBC AM to avoid confusion with any other financial services firms.
HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 22 countries and territories, delivering global capabilities with local market insight. As at 30 September 2024, HSBC Asset Management managed assets totalling US$765bn on behalf of its clients.
HSBC Asset Management is the brand name for the asset management businesses of HSBC Holdings plc.
About SP Group
SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand and Vietnam.
As Singapore’s national grid operator, about 1.7 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective worldwide.
Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region.