HSBC Asset Management ( HSBC AM ) energy transition infrastructure ( ETI ) team has invested in SP Mobility, an SP Group company and electric vehicle ( EV ) charging point operator in Singapore.

SP Mobility has been developing Singapore’s EV charging infrastructure since 2018 and currently operates the city-state’s largest high-speed EV charging network.

The company, the asset manager points out, boasts a strong track record and is well-positioned to rapidly expand its operations, reinforcing its pivotal role in the evolving EV landscape.

With Singapore experiencing one of the highest EV adoption rates in Southeast Asia – over a third of new car registrations in 2024 –  SP Mobility, HSBC AM notes, is set to support the growing demand for electric transport.

“This investment marks a strategic partnership that combines our expertise in growing infrastructure platforms in Asia with SP Mobility’s leading position in Singapore’s EV charging market,” HSBC AM states. “Together, both parties aim to amplify SP Mobility’s EV charging network and deliver an enhanced service offering for EV drivers.”

This is HSBC AM ETI’s second portfolio company under its Asia-focused, mid-market, value-added energy transition infrastructure strategy, following an investment in Tekoma Energy, a developed Asia renewable energy platform, headquartered in Tokyo.