While the range of electric vehicles is improving day by day, ensuring convenient charging stations is still an essential step in completing the transportation transformation. As the industry races to replace combustion engine vehicles with electric ones, the conversation has now shifted to the problem of keeping them "fueled" up-and the present market opportunities.
If the blistering growth of NaaS Technology, a purveyor of EV charging technologies, is any indication, then the lagging EV infrastructure deployment must be urgently addressed. In its 2022 annual financial report, the company announced a net revenue increase of US$4.3 million in Q4, representing a 95% growth over the last quarter. Its annual net revenue grew by 177% year over year to US$13.5 million.
There is still plenty of room for NaaS-and the industry overall-to flourish, especially in China, where electric vehicles are seeing astonishing adoption. As Yang Wang, founder and chief executive officer of NaaS Technology, highlighted in the Q4 earning call with investors, EV sales in China reached 6.9 million in 2022 and is expected to surge to 9 million in 2023. And citing CIC, Wang noted that EVs will overtake internal combustion engine vehicles by 2023.
As of March 31, 2023, NaaS has connected 55,000 charging stations and 575,000 chargers. It has serviced 1,581 charging station operators, and its annual charging volume in 2022 reached 2.753 billion kWh, up 116% over 2021. The number of orders exceeded 44.4 million, up 110% year over year.
Its glowing figures, coupled with an upbeat financial trajectory, are clear signs of opportunities.
What may come as a shock is that NaaS was founded in 2019. In just four short years, the company has attained the status of one of China's largest and fastest-growing EV charging technology providers.
"2022 was a pivotal year for NaaS," said Wang in a press release. "We completed our Nasdaq listing and solidified our leadership position in charging service while significantly strengthening our one-stop energy solutions, a key component of our strategy for future growth and profitability. Our charging service network expanded rapidly in 2022. We leveraged this massive network to expand our one-stop solutions for energy assets operations."
The company's impressive financial result trails a series of accomplishments it had set in the year. Adding to its successful listing on NASDAQ, the company entered a joint venture called "Smart Charging" with Smart Order, a leading hotel information integration solution provider.
Under the joint venture, NaaS and Smart Charging will converge their innovations to upgrade integrated charging services for commercial lodges in China, aiming to lower entry barriers for lodging companies looking to install advanced charging stations at their facilities.
The company has also dabbled in robotics with the introduction of its NaaS Smart Charging Robot unveiled on April 14 at Productronica China 2023. Using their smartphones, drivers can summon the robot to autonomously navigate to its service destination and charge vehicles using a robot arm, all without human intervention. Developed independently by NaaS, it's aimed at "future unmanned driving scenarios," according to the company's press release.
That future, however, still seems to be a ways away. As even more EVs roll onto today's roadways, NaaS is predicting a continued upward trend. It expects its net revenue in fiscal 2023 to be between US$72 million and US$87 million, eclipsing its 2022 performance by 5.4 to 6.4 times.
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