Founder Group Takes 19.9% Stake in Malaysian EV Charger Operator SpacePlus
Event summary
- Founder Group Limited acquired a 19.9% stake in Nichcom Go Sdn. Bhd., operator of the SpacePlus EV charging network, for an undisclosed sum.
- Malaysia's EV charging market is projected to grow at a 23.25% CAGR, reaching $539.4 million by 2030.
- SpacePlus aims to deploy 1,000 EV charging stations across Malaysia by 2028, up from 6,416 nationwide as of May 2026.
- Founder Group plans to integrate solar-powered charging solutions into SpacePlus's network, leveraging its EPCC capabilities.
The big picture
Founder Group's investment in Nichcom Go Sdn. Bhd. aligns with Malaysia's rapid EV adoption and the government's push for 30,000 public charging stations by 2030. The deal combines Founder Group's solar expertise with SpacePlus's charging infrastructure, creating a vertically integrated player in a market where supply lags behind demand. The strategic fit could position the partnership as a leader in sustainable EV charging solutions.
What we're watching
- Market Penetration
- Whether SpacePlus can sustain its expansion pace beyond Selangor into Perak, Melaka, and Johor while maintaining high charger ratings.
- Regulatory Alignment
- How Malaysia's National Energy Transition Roadmap (NETR) targets will influence SpacePlus's deployment strategy and Founder Group's solar integration plans.
- Technological Integration
- The pace at which Founder Group can transition SpacePlus stations from grid electricity to solar-powered charging, reducing operational costs.
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