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NaaS Technology Inc. Spearheads China's EV Charging Innovation with Record Growth


Lauren Miller

March 28, 2024 - 21:26 pm


NaaS Technology Inc. Achieves Unprecedented Growth in China's EV Charging Sector

BEIJING, March 28, 2024 /PRNewswire/ -- NaaS Technology Inc. (NASDAQ: NAAS), a pioneering force in China's electric vehicle (EV) charging service industry, has made public its impressive unaudited financial results for the fourth quarter and full year which culminated on December 31, 2023. These results showcase the company's rapid advancement and escalating command in the realm of energy management and storage solutions. Wang Yang, the CEO of NaaS Technology, highlighted the company's phenomenal growth and broadening expertise in these cutting-edge sectors.

NaaS Technology's financial trajectory is characterized by dramatic success underpinned by a host of financial highlights, underscoring the journey as a succession of decisive milestones, as elaborated by Alex Wu, the esteemed President and Chief Financial Officer of the company. NaaS reported a staggering year-over-year growth of 245% in its revenue for 2023, which surged to a remarkable RMB 320.1 million (approximately US$45.1 million). The company's gross margin underwent a significant climb, rising from 6.6% to 27.7%. Concurrently, gross profits multiplied manifold by 14.4, reaching RMB 88.8 million (US$12.5 million).

The growth trajectory of NaaS Technology has been marked by a comprehensive upswing in transacted charging volumes across its network throughout 2023. The reported charging volume approached 4,958 GWh, indicative of an 81% increase compared to the previous year. The company also reported a 74% growth in the gross transaction value, soaring to RMB 4.7 billion (around US$661.6 million), with the total number of orders ballooning to 213.8 million, which is a 75% year-over-year growth. Notably, as of the close of 2023, NaaS Technology’s network boasted connections to 875,655 EV chargers scattered across 77,017 charging stations.

The company's ascent in the market has been both robust and sustained. This forward momentum has been matched with a continuous improvement in the Net Take Rate (NTR) of NaaS' interconnectivity services, which has seen an appreciable climb for five months in sequence. Additionally, the Gross Take Rate (GTR) has shown expansion. These favorable metrics, according to CEO Wang Yang, mirror the company's concentrated efforts on profitability and the effective execution of strategic plans.

Furthermore, NaaS Technology has embraced a multifaceted service model. A report highlighted that revenue from energy solutions amounted to 58.5% of the company's total revenue in 2023. This signals that NaaS is on an ambitioned path of transformation into a global energy assets operator, capitalizing on its technological prowess to enhance the stability and efficiency of the worldwide energy transportation network.

The expansion of NaaS Technology's partnerships has been pivotal in reinforcing these developments. Over the previous year, NaaS engaged in alliances with prominent national operators and formed joint ventures aimed at establishing diverse energy infrastructures and delivering energy asset operation services. The company's partnerships struck during 2023 with eminent automobile manufacturers such as Deepal Automobile, GAC Energy Technology Co., Ltd., and Great Wall Motors (SH601633) have enriched NaaS' digital analytics platform, providing comprehensive services to EV owners. These global partnerships have also exhibited NaaS' technology capabilities, affirming their applicability across multiple international markets. Through these collaborations, NaaS furthers the enhancement of its digital analytics capabilities, which are central to providing optimized energy supply solutions to various stakeholders within the industrial value chain.

Wang Yang expressed that NaaS Technology is becoming an essential link within the new energy sector, effectively bridging industries, services, and consumers through sophisticated digital technology. The company’s strategy involves a deep integration with the tangible economy, uniting the diverse strengths within its ecosystem to substantially uplift the new energy charging service experience and propel the energy industry towards high-caliber development.

Should there be any inquiries regarding NaaS Technology Inc., contact details have been provided for easiness of correspondence. Interested parties are encouraged to reach out to Sabrina Wang through her email [email protected].

NaaS Technology Inc. stands behind these reported highlights, ensuring stakeholders and the general public are well-informed on the company’s advancements and financial stability.

In summary, NaaS Technology Inc. is positioning itself as a beacon of innovation in the EV charging services market, continuously fostering its financial growth and operational excellence. With the ambition to evolve as a major player in the global energy assets sector, the company's strategy includes expanding its digital analytics and energy solution offerings, constructing a technological backbone that supports a more efficient and user-friendly energy transportation network.

NaaS Technology's Strategic Partnerships and Global Expansion

Wang Yang's vision for NaaS Technology extends beyond the company's current product offerings and partnerships. NaaS’ alliances, particularly with leading car manufacturers, are integral to the company's aim to construct an extensive and reliable digital analytics platform. Their collaborations are testament to their capability to provide a full spectrum of services that cater to the necessities of electric vehicle owners not only within China but across international borders.

Through global partnerships, NaaS Technology demonstrates its tech capabilities' relevance to diversified markets, ensuring adaptability in its services. These strategic alliances are expected to cement NaaS' position as a transformative energy asset operator on a global scale, capable of navigating the complex terrains of energy supply and distribution networks.

The Financial Advancements of NaaS Technology

The financial indicators of NaaS Technology Inc. are indicative of the substantial progress the company has made within a challenging and rapidly developing market where they witnessed significant revenue increases and gross margin improvements. The close of 2023 saw the company not only grow in terms of sheer numbers but also via qualitative improvements, underlined by the increased Net Take Rate and Gross Take Rate. These advancements reflect a deeper comprehension and capture of the market complexities by NaaS.

Emphasizing Energy Solutions

NaaS' focus on energy solutions, contributing to over half of the company's revenue, underscores its efforts toward solidifying its position as a key energy solution provider. This focus is expected to play a crucial role as NaaS Technology continues to strive for efficiency upgrades in the global energy transportation network.


Through strategic financial management, technological innovation, and widening partnerships, NaaS Technology Inc. is not just observing the currents of change within the energy sector but actively turning the tides. As NaaS rides the wave of growth and looks to the future, the company is steadily carving out a leading role in the burgeoning arena of EV charging services and energy solutions, achieving new milestones and setting higher standards in service experience and industry development.

In a rapidly transforming world where energy management and storage solutions are advancing at an unprecedented rate, NaaS Technology Inc. is staking its claim as an industry leader, connecting the digital with the physical, and optimizing the global new energy landscape.

The company's announcement of its unaudited financial results not only marks a successful end to the year of 2023 but also sets the stage for continued growth and expansion. As the demand for EV charging infrastructure grows, NaaS Technology Inc. is poised to meet that demand head-on, securing its place as a driving force in the energy sector and a forward-thinking entity at the forefront of the EV revolution.

Remarkably, the company's ascension in the EV charging service market exemplifies China's broader commitment to a greener and more sustainable future. NaaS Technology's strides contribute significantly to the nation's environmental goals, supporting the development of more eco-friendly transport solutions and reducing carbon emissions through state-of-the-art energy management and storage technologies.

Looking ahead, NaaS Technology will continue to influence the course of the energy industry, setting benchmarks for innovation, service quality, and strategic growth. With its finger on the pulse of market shifts and a firm grip on the technologies that will define our energetic future, NaaS Technology is paving the way for a new age of energy efficiency and environmental responsibility.

Necessitating further information or wishing to reach out, Sabrina Wang of NaaS Technology Inc. is available for queries and discussions. The source of NaaS Technology's strenuous achievements and future-oriented prognosis is accessible for the matter of public record.

In a concluding note, NaaS Technology Inc. reaffirms its commitment to electrifying the path towards a sustainable future, while its financial results and operational milestones accentuate the company's successful strategy and progressive leadership within the EV charging and energy services arenas. This leads to a confident outlook for the company's role in shaping the future landscape of sustainable energy consumption and the advancement of electric mobility worldwide.

Readers can find more information about NaaS Technology Inc. by contacting Sabrina Wang via email at [email protected] or visiting the company's official website. This direct line of communication serves as an avenue to understanding NaaS Technology’s innovative approach and its substantial impact within the energy sector.