ACO Group Bhd will acquire a 10 per cent stake in EV Connection Sdn Bhd, an electric vehicle (EV) charging infrastructure provider. ACO Group has entered into a share sale and subscription agreement with EV Connection, through its wholly-owned subsidiary ACO Holdings Sdn Bhd, for the purchase of 10,000 ordinary shares in EV Connection for a cash consideration of RM90,000 and another subscription of 100,000 ordinary shares for RM910,000.
In addition, the two companies have teamed up to build a direct current (DC) fast-charging station in Johor Bahru, Malaysia. The charging station will have a capacity of 180 kW, making it one of Malaysia’s quickest charging stations. The DC charging station will charge an EV in 30 minutes, compared to alternating current (AC) charging stations, which can take anywhere from six to eight hours to fully charge a vehicle.