HSBC Asset Management’s energy transition infrastructure (ETI) team has acquired a stake in SP Mobility, a subsidiary of SP Group and Singapore’s largest high-speed electric vehicle (EV) charging network operator. Since 2018, SP Mobility has been expanding the country’s EV charging infrastructure and is now positioned for rapid growth.
With EV adoption rising—over a third of new car registrations in Singapore in 2024—SP Mobility is expected to play a key role in meeting the growing demand for charging solutions. HSBC AM emphasized that the investment aligns with its strategy of developing infrastructure platforms in Asia, reinforcing SP Mobility’s market leadership and enhancing service offerings for EV users. This marks HSBC AM ETI’s second investment under its Asia-focused energy transition strategy, following its stake in Tokyo-based Tekoma Energy.