Solar Firm's Bet on EV Charging to Power Malaysia's Infrastructure Race

KUALA LUMPUR, Malaysia – August 25, 2026 – In a move that underscores the strategic convergence of renewable energy and electric mobility, Nasdaq-listed Founder Group Limited has acquired a 19.90% stake in Nichcom Go Sdn. Bhd., the operator behind the burgeoning SpacePlus EV charging network. The deal is more than a capital injection; it represents a calculated fusion of Founder Group’s deep expertise in solar energy infrastructure with SpacePlus's on-the-ground network, aiming to tackle one of Malaysia's most pressing energy transition challenges: a severe deficit in EV charging capacity.

Founder Group, a pure-play provider of end-to-end solar engineering, procurement, construction, and commissioning (EPCC) solutions, is betting that the future of EV charging is not just about quantity, but about sustainable, cost-effective power. This investment positions the company directly within the rapidly expanding consumer-facing EV market, a strategic diversification from its core business of large-scale and industrial solar projects.

The Widening Gap: Malaysia's EV Boom Outpaces Infrastructure

Malaysia is in the midst of an electric vehicle revolution. Propelled by government incentives and rising fuel-cost volatility, EV adoption is accelerating at a breakneck pace. Battery EV sales surged 109% in 2025 to over 30,000 units, and the momentum has only intensified. Official registration data for the first quarter of 2026 showed a 113.7% year-on-year jump, signaling a permanent shift in consumer preference.

However, this demand surge has exposed a critical bottleneck: the charging infrastructure simply cannot keep up. As of May 2026, the country had just 6,416 public chargers installed. This figure not only falls dramatically short of the original target of 10,000 chargers by 2025, but it also pales in comparison to the nation's new, more ambitious goal. Under the National Energy Transition Roadmap (NETR), Malaysia aims to have 30,000 public charging stations by 2030—a near five-fold increase from today's levels.

This gap between vehicle sales and charger availability creates a significant opportunity for well-capitalized and strategically-minded Charge Point Operators (CPOs). For an industry racing to meet demand, the partnership between a solar specialist and a charging network operator could prove to be a decisive formula for success.

A Strategic Fusion of Energy and Mobility

The true significance of the Founder Group-Nichcom Go deal lies in its strategic synergy. Rather than simply funding the installation of more grid-dependent chargers, the partnership aims to create a more resilient and sustainable network by integrating solar power and battery storage directly at charging locations. This is where Founder Group’s core competency becomes SpacePlus’s competitive edge.

“Today, most EV charging stations in Malaysia still run on grid electricity from Tenaga Nasional Berhad,” said Lee Seng Chi, CEO of Founder Group Limited. “We see that as an opportunity, not a limitation because as a solar EPCC company with in-house BESS capabilities, we can help SpacePlus stations move toward solar-powered charging over time.”

This integration serves a dual purpose. First, it lowers the long-term operating costs for Nichcom Go by reducing its reliance on grid-supplied electricity, which is subject to price fluctuations. Second, it provides Founder Group’s own solar and battery energy storage system (BESS) business with a portfolio of new sites to deploy its technology. As Lee explained, “This investment will be a strategic fit for both of us: they bring the charging network and customer reach, we bring the energy infrastructure to power it more sustainably.”

By co-locating solar generation and battery storage with charging stations, the network can offer cleaner energy, enhance grid stability, and ensure charger reliability, especially for high-demand DC fast chargers that place significant strain on local power infrastructure.

Navigating a Crowded and Regulated Field

SpacePlus is not operating in a vacuum. The Malaysian EV charging market is becoming increasingly competitive, with major players including Petronas' clean energy arm Gentari, the national utility's own TNB Electron network, and global giants like Shell Recharge. To succeed, a CPO needs more than just a good location; it needs a distinct value proposition.

The Founder Group partnership provides just that. While competitors also race to expand, SpacePlus can now market itself as a provider of greener, more technologically advanced charging solutions. This aligns perfectly with the government's broader energy transition goals and appeals to an increasingly eco-conscious consumer base.

The Malaysian government, for its part, is actively encouraging this build-out. Policies under the NETR, coupled with streamlined approval processes and a massive RM35 billion grid upgrade commitment from utility Tenaga Nasional Berhad, create a favorable regulatory tailwind. For Nichcom Go, this investment is the key to harnessing that momentum.

“We have set a clear goal of deploying 1,000 EV charging stations across Malaysia by 2028, and this strategic partnership gives us the capital, expertise and energy capabilities to accelerate that roadmap,” said Nilson Chong, Founder and CEO of Nichcom Go. He emphasized that scaling reliable infrastructure efficiently will be the key differentiator, a task made more achievable with Founder Group’s capabilities in solar and battery storage.

Beyond the Grid, Beyond the Borders

The ambition of the newly fortified SpacePlus network extends beyond its technological edge. The company has already expanded its footprint from its origins in Selangor to new locations in Perak, Melaka, and Johor, signaling a clear intent to build a truly national network. This geographic expansion is crucial to alleviating range anxiety and encouraging EV adoption in areas outside the central Klang Valley.

Furthermore, Nichcom Go has already demonstrated global ambitions. A partnership in the United States sees the SpacePlus app infrastructure powering the Terravis Worksport charger, giving the Malaysian brand an early foothold in the North American market. This international foray suggests a vision for a scalable and potentially exportable business model, one that combines charging hardware, software management, and now, integrated renewable energy solutions.

As Founder Group injects its capital and solar expertise into this expanding network, it is not merely investing in a CPO. It is investing in a vertically integrated vision for the future of mobility, where the car, the charger, and the power source are part of a single, sustainable ecosystem.