HSBC Asset Management has invested in SP Mobility, operator of Singapore’s largest high-speed electric vehicle charging network, in a move to tap into opportunities related to energy transition in Southeast Asia.
“The collaboration will leverage HSBC Asset Management’s experience in transition infrastructure to explore opportunities for inorganic growth and accelerate expansion for SP Mobility’s suite of electric vehicle charging solutions,” the UK asset manager says in a statement on February 11. It didn’t disclose the sum invested.
Singapore’s electric vehicle market is one of the fastest growing segments in Southeast Asia, and the investment allows the asset manager to offer investors access to “a new generation of asset classes that support energy transition in the region”, according to Paul Rhodes, the company’s head of energy transition infrastructure for Asia Pacific.
London-based HSBC Asset Management had US$765 billion of assets under management as of September 2024.
