Founder Group takes 19.9% stake in SpacePlus EV charging operator

The Malaysian solar EPCC firm is betting on grid-to-solar charging integration as Malaysia races to hit 30,000 public chargers by 2030.

By Rowen Brooks Tue, 1 September 2026 AI level 2 of 5

AI level 2 of 5: drafted by our AI editorial assistant from source material our editor chose; fact-checked, edited and signed off by Mark Walker, Editorial Director. What the levels mean

A bright, modern boardroom features a long, reflective conference table and black chairs, overlooking a sunny city skyline through large windows.

Founder Group Limited, a Nasdaq-listed Malaysian provider of engineering, procurement, construction and commissioning (EPCC) services for solar photovoltaic facilities, has completed the acquisition of a 19.90% equity stake in Nichcom Go Sdn. Bhd., the operator behind the SpacePlus electric vehicle (EV) charging network. The deal gives Founder Group a foothold in Malaysia's fast-expanding charge-point infrastructure market and a pipeline of potential sites for its solar and battery energy storage business.

Financial terms were not disclosed in the announcement, and Founder Group did not reveal the price paid per share, the implied valuation of Nichcom Go, or the total consideration for the stake.

The deal

The strategic rationale centres on energy integration. Founder Group chief executive Lee Seng Chi said that most Malaysian charging stations currently draw grid power from national utility Tenaga Nasional Berhad (TNB), and that the company intends to help SpacePlus sites migrate toward solar-powered charging over time, lowering operating costs for Nichcom Go while generating new project sites for Founder Group's solar and battery energy storage system (BESS) capabilities.

Nichcom Go founder and chief executive Nilson Chong set a target of deploying 1,000 EV charging stations across Malaysia by 2028, describing the Founder Group partnership as providing "capital, expertise and energy capabilities" to accelerate that plan. SpacePlus already operates beyond its original base in Selangor, with expansion into Perak, Melaka and Johor. The brand has also established a small overseas footprint through an app-infrastructure partnership with Terravis's Worksport charger product in the United States.

Market context

Malaysia's EV market is expanding rapidly from a low base. Battery EV sales rose 109% year-on-year to 30,850 units in 2025, and official vehicle registration data showed a further 113.7% year-on-year increase in EV registrations in the first quarter of 2026, with 14,591 units registered in that quarter alone. The charging network, however, lags significantly behind vehicle uptake. As of May 2026, the Ministry of Investment, Trade and Industry reported 6,416 public chargers installed nationally, against an original government target of 10,000 units by end-2025. Malaysia's National Energy Transition Roadmap (NETR) has since revised that ambition upward to 30,000 public charging stations by 2030, roughly five times the current installed base.

Independent market research cited in the release estimated Malaysia's EV charging market at US$143.4 million in 2024, projected to reach US$539.4 million by 2030, implying a compound annual growth rate of around 23%. TNB has separately committed RM35 billion (approximately US$8.2 billion) to grid upgrades between 2025 and 2030 in support of the country's energy transition, providing a degree of infrastructure underpin for charge-point operators.

The supply shortfall is attracting a growing cohort of charge-point operators across South-East Asia, many of which are pursuing hybrid solar-plus-storage models to reduce dependence on grid electricity and improve station-level economics. Founder Group's minority stake in Nichcom Go follows a pattern seen elsewhere in the region, where solar developers move downstream into mobility infrastructure to capture recurring revenue streams and extend their project pipelines.

Policy path

Malaysia's EV policy framework includes purchase incentives and import-duty exemptions that have been a primary driver of the sales surge. The durability of those incentives beyond their current sunset dates will be a key variable for infrastructure investors deciding how aggressively to build out charge-point networks ahead of contracted demand. For Founder Group, the deeper question is whether the 1,000-station target by 2028 can be underwritten by offtake or concession agreements that justify the capex of adding solar canopies and BESS units to each site, rather than relying on grid electricity indefinitely.

Investors will watch for Founder Group to disclose the acquisition price, any follow-on capital commitments to Nichcom Go, and the first confirmed solar-integrated SpacePlus sites as near-term proof points.