Charge+, a leading EV charging operator in Singapore, has acquired 140 chargers from eChargz, QuickCharge, and PaC Components (PacCom), as smaller operators exit the market due to stricter regulations. These chargers, located across 42 properties, are mostly slow chargers rated between 7kW and 22kW. With this acquisition, Charge+ has expanded its network to around 2,500 charging points.
The stricter licensing, implemented by the Land Transport Authority (LTA) in December 2023, requires operators to meet requirements like $2 million third-party insurance, real-time data sharing, and service uptime maintenance. Smaller operators found these requirements un-viable and opted to divest their networks. Companies like QuickCharge and PacCom will continue their core operations but have exited the EV charging business. As of October 2024, Singapore had 13,625 chargers, with 1,738 in condominiums, supporting the country’s 2030 target of 60,000 EV chargers.
LTA has received 37 applications for EV charging operator licenses, with approvals expected by the end of 2024. Operators who submitted their applications by the December 2024 deadline can continue operations during the review process. Those found operating without a license face penalties of up to $30,000, six months’ imprisonment, or both. This regulatory push aligns with Singapore’s goals to increase EV infrastructure and expand the adoption of electric vehicles, which currently make up 2.9% of the vehicle population.
