KUALA LUMPUR, Malaysia, Aug. 25, 2026 (GLOBE NEWSWIRE) -- 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.
CEO Commentary
“Today, most EV charging stations in Malaysia still run on grid electricity from Tenaga Nasional Berhad. We see that as an opportunity, not a limitation because as a solar EPCC company with in-house BESS capabilities, we can help SpacePlus stations move toward solar-powered charging over time, which lowers running costs for Nichcom Go and gives our own solar and battery storage business new sites to scale into. This investment will be a strategic fit for both of us: they bring the charging network and customer reach, we bring the energy infrastructure to power it more sustainably,” said Lee Seng Chi, Chief Executive Officer, CEO of Founder Group Limited.
“We have set a clear goal of deploying 1,000 EV charging stations across Malaysia by 2028, and this strategic partnership gives us the capital, expertise and energy capabilities to accelerate that roadmap,” said Nilson Chong, Founder and Chief Executive Officer, CEO of Nichcom Go Sdn. Bhd. “As Malaysia’s EV market continues to expand, we believe the ability to scale reliable charging infrastructure efficiently will be a key differentiator. With Founder Group’s capabilities in solar and battery energy storage, we are better positioned to build a more integrated, sustainable and scalable charging network while creating greater long-term value for our partners and EV users.”
About Nichcom Go Sdn. Bhd.
Nichcom Go Sdn. Bhd. is a Malaysian Charge Point Operator (CPO) behind the SpacePlus EV charging brand. The company provides EV charging facilities and digital charging services through its network of EV charging infrastructure and Nichcom Go Sdn. Bhd. also covering the development, installation, operation and management of EV charging solutions for commercial buildings.
The company’s mission is to provide reliable and accessible EV charging solutions, enhance the charging experience for EV users and support the transition towards sustainable mobility.
For more information on the Company, please visit https://www.nichcomgo.com/.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon neutrality.
For more information on the Company, please visit https://www.founderenergy.com.my/.
Safe Harbor Statement
This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.
CONTACT INFORMATION:
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