HSBC Asset Management (HSBC AM) has announced an unspecified investment into SP Mobility, an electric vehicle (EV) charging point operator in Singapore under the SP Group.
The investment, made under HSBC AM’s Energy Transition Infrastructure (ETI) team, aims to expand SP Mobility’s suite of EV charging solutions. According to a Feb 11 announcement, SP Mobility may potentially “explore opportunities for inorganic growth”.
SP Mobility has been developing Singapore’s EV charging infrastructure since 2018 and currently operates the nation’s largest high-speed EV charging network.
In 2024, SP Mobility partnered SingHealth to progressively rollout 300 EV charging points, the largest deployment in the public healthcare cluster. SP Mobility also worked with electric harbourcraft developer Pyxis on electric vessel charging and Malaysian EV charging firm EV Connection on cross-border collaboration.
This is HSBC AM ETI’s second portfolio company under its Asia-focused, mid-market energy transition infrastructure strategy, following an investment into Tekoma Energy, a developed Asia renewable energy platform headquartered in Tokyo.
Paul Rhodes, HSBC AM’s Asia-Pacific head of energy transition infrastructure, says: “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.”
See also: BYD starts new EV price war with free smart driving system
S. Harsha, managing director for sustainable energy solutions at SP Group, says: “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.”
