Founder Group buys 19.9% of Malaysia's SpacePlus EV charging operator
What's the deal? Founder Group LimitedDealroom has a profile for this one. Try Dealroom → (Nasdaq: FGL), a Malaysian end-to-end EPCC solutions provider for solar PV facilities, has acquired a 19.90% equity interest in Nichcom Go Sdn. Bhd.Dealroom has a profile for this one. Try Dealroom → The company operates the SpacePlusDealroom has a profile for this one. Try Dealroom → EV charging brand as a Malaysian Charge Point Operator (CPO).
What's the endgame? Founder Group wants to link its solar business with SpacePlus's charging network. It plans to move stations toward solar power over time, lowering costs for NichcomDealroom has a profile for this one. Try Dealroom → Go while opening new sites for its own solar and battery storage operations.
Why now? Malaysia's EV market is expanding fast. Battery EV sales rose 109% year-on-year to 30,850 units in 2025, and Q1 2026 saw 14,591 EV registrations — up 113.7% from a year earlier.
Independent research values Malaysia's EV charging market at US$189.7 million in 2025, projected to reach US$539.4 million by 2030 at a 23.25% compound annual growth rate.
The gap: Supply trails demand. As of May 31, 2026, Malaysia had installed 6,416 chargers — 2,143 DC and 4,273 AC — short of the 10,000-unit target set for 2025. The National Energy Transition Roadmap now targets 30,000 public charging stations by 2030, roughly five times today's base.
What's SpacePlus building? The brand has expanded beyond Selangor into Perak, Melaka, and Johor. It also crossed borders through a US partnership, where WorksportDealroom has a profile for this one. Try Dealroom →'s Terravis charger runs on SpacePlus's app infrastructure — its first overseas footprint.
Company view: "This investment will be a strategic fit for both of us," Founder Group's chief executive officer said, noting that as "a solar EPCC company with in-house BESS capabilities, we can help SpacePlus stations move toward solar-powered charging over time."
The signal: The deal reflects a broader push to pair renewable generation with charging infrastructure. With Tenaga Nasional BerhadDealroom has a profile for this one. Try Dealroom → committing RM35 billion (about US$8.2 billion) between 2025 and 2030 to upgrade the grid, early, well-capitalised operators are positioning to capture a market racing to keep pace with demand.
Image credit: Generated with Gemini
