Invest in CHARGE+, an EV Charging Solution Provider with the Aim of Realizing a Decarbonized Society,
and Begin Considering Business Development in Japan.
～ CHARGE+, a leading startup company for EV charging services in Singapore～
V-cube, Inc. (Head office: Minato-ku, Tokyo, Chairman and Group CEO: Naoaki Mashita, hereinafter "V-cube") announces that it will invest in CHARGE+ (Head office: Singapore, CEO: Goh Chee Kiong, hereinafter "CHARGE+"), an EV charging service provider in Singapore, through V-cube's Singapore subsidiary, and we will provide support for business development in Southeast Asia, with a focus on Singapore, as well as begin consideration and preparation for business development in Japan.
Despite a latecomer to the market, CHARGE+ has achieved the top market share in Singapore with its high technology and design, inexpensive and competitively priced products, and is being installed in government public institutions, public housing, condominiums, commercial facilities, cab and bus basis. In particular, it has the largest share of the condominium market in Singapore. V-cube will consider and prepare for business development in Japan, including expansion in Southeast Asia, and nurture it as a business that works toward the realization of a carbon-neutral, decarbonized society.
The Paris Agreement*, the international framework for combating global warming, adopted the goal of "keeping the global average temperature increase well below 2°C above pre-industrial levels (2°C target) and pursuing efforts to limit the increase to 1.5°C (1.5°C target)" as a common long-term global effort, with the aim of realizing a decarbonized society by the international community.
In response, Japan has also declared its goal to achieve carbon neutrality and a decarbonized society, with zero overall greenhouse gas emissions by 2050.
The measures to achieve this goal includes a ban on the sale of new gasoline-powered vehicles by 2035
and the popularization of electric vehicles (EVs). However, the penetration rate of electric vehicles in Japan is lower than in other countries, and one of the main reasons for this is the lack of installation of EV chargers, especially in condominiums.
CHARGE+, which we invest in this time, develops EV chargers, software, and solutions in Singapore, and has gained a leading share in the market by utilizing its advanced technology and inexpensive, competitively priced products, despite a latecomer to the market. It is introducing the products to government public institutions, public housing, condominiums, commercial facilities, cab and bus bases.
V-cube has know-how on the installation, application, and service of "Telecube", a soundproof private booth, which has been installed in more than 10,000 units in Japan (as of June 2022). We will use this know-how to support CHARGE+'s business development in Japan, accelerate the installation rate, and work toward achieving a carbon-neutral, decarbonized society in Japan by 2050.
*Ministry of Foreign Affairs, "Post-2020 framework: the Paris Agreement"
https://www.mofa.go.jp/mofaj/ic/ch/page1w_000119.html
■ Significance and purpose of our initiatives
With the mission of "Provide Even Opportunity to everybody", we are working to eliminate various inequalities of opportunity caused by time and distance constraints by creating an environment where people can communicate "anytime" and "anywhere". Due to COVID19, teleworking has rapidly advanced, not only for business use, such as meetings, business negotiations and event participation, but also for a variety of services online, such as education and medical care, and many people can now feel the benefits of it. At the same time, the importance of face-to-face meetings, which was commonplace before COVID 19, is being reevaluated, and the value of real-life communication is increasing. In the future, we believe that "hybrid communication" will become the standard, where people can choose between the efficiency of online communication, where they can meet "anytime" and "anywhere" using technology, and real- life communication, where they can share the same atmosphere, depending on the purpose and means of communication. On the other hand, solving the environmental issues associated with travel time, distance, and transportation is essential for real communication, given the background described in the previous section.
In the mobile field, new technologies and services such as drones, self-driving, and MaaS are emerging, and we believe that combining them with our business will enable DX for real communication that involves movement. For example, "participate in web conferences and events online in the car while traveling in a drone or self-driving car" or "support effective use of travel time gaps with Telecube in collaboration with MaaS providers". And, the business model of the EV charging station-related business is similar to that of Telecube, a pioneer in this field, and we believe that we can utilize the technology and know-how we have accumulated to date, including the installation of equipment, operational support, and the provision of reservation and billing systems. In addition, we believe we can create markets through open innovation by leveraging our network of business partners in the transportation, real estate, and electric power businesses.
Based on this background, we will consider entering the EV-related business to realize the popularization of electric vehicles, an issue that is becoming apparent at this stage, as a way to strengthen our ESG initiatives while taking the DX of mobility and communication one step further.
Company name: CHARGE+ Pte. Ltd. https://www.chargeplus.com/
Headquarters: 2 Boon Leat Terrace Harbourside 2, #04-03/04 Singapore 119844
Business: Development and installation of EV chargers, software development, and provision of related solutions
CHARGE+ is a leading provider of EV charging solutions in Singapore and Southeast Asia, with a mission to promote electric mobility in the region. The company offers integrated solutions that include proprietary ultra-thin chargers, smart charging software, and innovative business models. Implementing its roadmap to install at least 10,000 charging points by 2030, CHARGE+ is the only integrated charging operator in Singapore serving the public housing, condominium, commercial and industrial building sectors. In 2021, CHARGE+ won Singapore's first government tender for EV charging infrastructure.
We view it as essential to realize a "virtuous cycle between the economy and the environment" by shifting conventional thinking and proactively taking measures to address ESG, thereby bringing about changes in the industrial structure and the social economy. We will continue to work on new businesses that are not bound by conventional thinking in order to create businesses continuing to Event DX and Third Place DX, which have grown significantly under COVID 19.
【 What is V-cube? https://jp.vcube.com/ 】
V-cube's mission is to "Provide Even Opportunity to everybody". By creating an environment where
people can communicate "anytime" and "anywhere", V-cube is working to eliminate the diverse inequalities that arise from time-anddistance-constraints. Through visual communication, we aim to reduce the time and distance between people and interact, resolve social issues such as a declining birthrate, an aging society, long working hours, education and medical disparities, and realize a society in which all people can equally earn opportunities.
■ For media inquiries, please contact: V-cube, Inc. Public Relations Office (in PRAP Japan, Inc.)
E-mail: vcube_release@prap.co.jp
V-cube Inc. published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 08:13:00 UTC.