Charge+ to install EV charging stations in 1,200 condos by 2030
Press Release
27 January 2021, Singapore
CHARGE+ LAUNCHES CHARGING-AS-A-SERVICE BUSINESS MODEL TO SERVE 1,200 CONDOMINIUMS IN SINGAPORE
Charge+ has commenced its pioneering Charging-as-a-Service business model for the condominium market, with plans to serve at least 1,200 condominiums in Singapore over this decade. The company had earlier announced in September 2020 the plans to implement 10,000 electric vehicle (EV) charging points across Singapore by 2030 and it is expected that about 4,000 of these charging points will be located in condominiums to serve the strong unmet needs.
Traditionally, condominiums with residents interested in EVs, will consider investing in their own charging station but most condominiums had not been successful to-date in getting the support of their residents to make such hefty investments. Under the Charging-as-a-Service business model, Charge+ will invest in, install and operate the charging station in the condominiums. This game-changing model has garnered very strong interest from many condominiums because the upfront capital outlay, operating expenses and risk are borne by Charge+.
In turn, EV drivers living in the condominiums will enjoy convenience and peace of mind by having a charging station at their doorsteps. EV drivers that opt to use the charging service, will pay a fixed monthly fee on a Subscription basis, the first-of-its-kind for EV charging in Singapore. They will benefit from the cost savings from using this service since the monthly charging fee will be about half of what a driver driving a conventional vehicle will typically spend on petrol on a monthly basis.
Mr Goh Chee Kiong, CEO of Charge+, said: “Charge+ is delighted by the very strong interest in EVs from many condominium residents but many of them have been deterred by the lack of charging infrastructure at their doorsteps. Charge+ believes that its pioneering Charging-as-a-Service business model will plug an important gap in the condominium segment and contribute strongly to Singapore’s vision of phasing out conventional vehicles.”
As part of this launch, Charge+ is pleased to announce the confirmation of a charging station comprising six charging points at Sky@Eleven condominium located in Thomson area, an example in the first wave of condominiums implementing the Charging-as-a-Service business model in Singapore.
To serve the condominiums, Charge+ will apply its end-to-end solutions that span its proprietary ultra-slim charger and smart charging software to support Singapore’s goal of phasing out internal combustion engine vehicles for 100% clean energy vehicles by 2040. This offering from Charge+ will also strongly synergise with the existing clean energy solutions from Sunseap Group targeting the condominium market that span solar energy, LED lighting retrofit and electricity retail including demand aggregation scheme (DAS).
Mr Ong Tze Boon, Chairman of Charge+, added: “Charge+ has designed a smart, ultra-slim charger specifically for the Singapore market, which allows for plug and play in all existing carparks. With our end-to-end differentiated hardware and software solutions, coupled with our pioneering business models, Charge+ is well poised to catalyse EV adoption across all key market segments in Singapore, including condominiums.”