Founder Group Limited ("Founder Group" or the "Company") (NASDAQ:FGL), a Malaysia-headquartered, pure-play end-to-end EPCC solutions provider for solar PV facilities announced that it has completed the acquisition of a 19.90% equity interest in Nichcom Go Sdn. Bhd. ("Nichcom Go"), the Malaysian Charge Point Operator (CPO) behind the SpacePlus EV charging brand. Nichcom Go primarily provides services in relation to electric vehicle (EV) charging facilities.

Malaysia's Electric Vehicle Charging Market: A Fast-Growing Opportunity

Malaysia's underlying EV market is expanding fast as battery EV sales rose 109% year-on-year to 30,850 units in 2025 alone, and that momentum is expected to transform directly into stronger demand for charging infrastructure. Independent research also estimates that Malaysia’s EV charging market at US$143.4 million in 2024, growing to US$189.7 million in 2025 and projected to reach US$539.4 million by 2030, a 23.25% compound annual growth rate. This growth is further underpinned by government-linked investment from Tenaga Nasional Berhad, TNB committing RM35 billion (approximately US$8.2 billion) between 2025 and 2030 to upgrade the national grid in support of the energy transition.

Although Malaysia’s electric vehicle (EV) charging market is growing rapidly, the supply continues to trail demand, creating an opportunity for SpacePlus as a Charge Point Operator (CPO) that develops and manages EV charging infrastructure. Crowdsourced charger-mapping platforms such as PlugShare, widely used by EV drivers have shown the quality and performance of each charging station including the high rating of SpacePlus Charging station who contributes not only charging but also the collaboration with nearby F&B outlet around the charging stations.

The Malaysia Ministry of Investment, Trade and Industry (MITI) reported a total of 6,416 electric vehicle chargers have been installed nationwide as of May 31, 2026, this total is comprised of 2,143 DC chargers and 4,273 AC chargers. The total is still short of the original 10,000 unit target set for 2025. Malaysia's National Energy Transition Roadmap (NETR) has since raised the bar further, targeting 30,000 public charging stations by 2030, roughly five times the total installed base today.

This significant gap is opening up even as EV sales and adoption accelerates. Official Jabatan Pengangkutan Jalan (JPJ) registration data reported 14,591 EV registrations in Q1 2026. This is more than double the 6,827 units registered in Q1 2025 which represents an actual surge of 113.7% year-on-year (YoY) for the full quarter, as more Malaysian drivers switch to electric amid rising fuel-cost volatility. For an industry racing to keep pace with demand, the Company believes an early, well-capitalized operator is best placed to capture the growth ahead.

SpacePlus: Expanding Beyond Selangor

SpacePlus's footprint has grown well beyond Selangor, and is now extending into Perak, Melaka and venturing into Johor public charging facilities, marking SpacePlus's expansion into a new state, and it has also crossed borders entirely through a partnership deal in the United States, where Terravis's Worksport charger, a subsidiary of Worksport Ltd. runs on SpacePlus's app infrastructure which gives the brand its first overseas footprint in addition to its growing presence in Malaysia.