NaaS Pockets Multiple Energy Storage Orders Worth $28M

NaaS Technology Inc. NAAS signed strategic cooperation agreements with several enterprises to supply over 380 charging stations with energy storage equipment with orders worth RMB204 million (~$27.9 million). 

NAAS has joined forces with energy storage equipment integrators like HyperStrong and Yongtai Energy. Together, they will supply over 380 charging stations with various outdoor integrated storage cabinets.

Nengcang Technology aims to complete the delivery of 500 sets of energy storage equipment by 2023.

Also Read: NaaS Technology Acquires Sweden-Based Charge Amps For $66.4M

In this collaboration, NaaS will design customized energy storage solutions for its partners based on the unique operational characteristics of each charging station.

Before supplying, the company will meticulously assess the energy management needs of charging stations spread across Zhejiang, Shanghai, Jiangsu, Hainan, Guangdong, Sichuan, and Chongqing. 

"According to the NaaS Research Institute, China's charging stations will grow to 1.8 million in the next decade, requiring a 637GWh of energy storage capacity, with total investment expected to exceed RMB1 trillion. Consequently, by propelling the growth and maturation of photovoltaic-storage-charging station development, we are redefining the energy landscape," stated Ms. Yang Wang, founder and CEO of NaaS.

Also See: NaaS Technology Forges EV Charging Partnership With Hyundai

Price Action: NAAS shares are trading higher by 3.00% to $6.18 on the last checked Wednesday.