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  • Professor Andrea M. Armani, University of Southern California
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  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

NaaS Announces US$30 Million Private Placement of Convertible Note

By: Get News

Beijing - June 30, 2023 - NaaS (NASDAQ: NAAS) ("NaaS" or the "Company"), the first U.S. listed EV charging service company in China, announced that it entered into a convertible note purchase agreement with LMR Partners Limited, a global multi-strategy investment fund, pursuant to which the Investor will purchase from the Company a convertible note with a principal amount of US$30 million, convertible into American depositary shares (“ADSs”) representing the Company’s ordinary shares. Concurrently, the Company and the Investor entered into a derivative arrangement with respect to the ADSs.

The transaction is subject to customary closing conditions and the closing is expected to take place in the near future. The convertible note has a 363-day term and interest will be payable on a quarterly basis. Subject to certain conditions, the Investor may purchase from the Company an additional convertible note with a principal amount of US$25 million and with substantially similar terms.

“We are excited to welcome LMR as our new investor and are grateful for their endorsement of our efforts to propel the electrification of China’s transportation industry,” said Mr. Alex Wu, NaaS' Co-founder, President and CFO.

Previously on May 31, NaaS completed a new round of a SPO transaction, involved Dr. Adrian Cheng, the eldest grandson of Mr. Cheng Yu Tung and the head of the family business, one of the four families of Hong Kong, and CST Group, an established HK-listed company, as its new strategic investors.

For the implementation of the integrated solution of PV, energy storage & virtual power plant, NaaS further announced the acquisition of SinoPower HK, a leading one-stop service provider of solar photovoltaic products in Hong Kong, on June 12. By leveraging this integration, NaaS aims to expand its capabilities in renewable energy solutions and EV charging globally.

On June 13, the company launched its virtual power plant product, leveraging flexible management of solar power, energy storage, and charging piles, combined with intelligent scheduling, and energy control, the platform actively participates in electricity market transactions and responds to grid scheduling needs. This not only helps charging stations reduce energy costs but also contributes to the development of an innovative power system.

Based on preliminary assessment of the current market conditions, the company reaffirms its guidance and expects its full year 2023 revenues to be between RMB500 million (US$73 million) and RMB600 million (US$87 million), representing year-over-year increase by 5 to 6 times.

For media inquiries, please contact: pr@enaas.com

Media Contact
Company Name: NewLink Group, NaaS Technology Inc.
Contact Person: Hui Meng
Email: Send Email
Country: China
Website: newlink.com



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