Kuala Lumpur – – October 17, 2026 -- Nasdaq-listed Founder Group Limited (FGL) has completed the acquisition of a 19.90% equity interest in Nichcom Go Sdn. Bhd., the Malaysian charge point operator behind the SpacePlus EV charging brand. Financial terms were not disclosed in the announcement.
Malaysia's charger rollout trails its 2025 target by more than 3,500 units
The Ministry of Investment, Trade and Industry (MITI) reported 6,416 EV chargers installed nationwide as of May 31, 2026: 2,143 DC chargers and 4,273 AC chargers. That is short of the original 10,000-unit target set for 2025. The National Energy Transition Roadmap (NETR) now targets 30,000 public charging stations by 2030, roughly five times today's installed base.
EV registrations rose 113.7% to 14,591 units in the first quarter of 2026
Official Jabatan Pengangkutan Jalan (JPJ) data show 14,591 EV registrations in Q1 2026, against 6,827 in Q1 2025. Battery EV sales rose 109% year-on-year to 30,850 units in 2025. Founder Group links the surge to rising fuel-cost volatility and argues that supply continues to trail demand.
Independent research cited by the company puts Malaysia's EV charging market at US$143.4 million in 2024 and US$189.7 million in 2025. It projects US$539.4 million by 2030, a 23.25% compound annual growth rate. Tenaga Nasional Berhad (TNB) has committed RM35 billion (approximately US$8.2 billion) between 2025 and 2030 to upgrade the national grid.
Nichcom Go targets 1,000 charging stations across Malaysia by 2028
Nilson Chong, Founder and CEO of Nichcom Go, said the partnership provides the capital, expertise and energy capabilities to accelerate that target. He added that the ability to scale reliable charging infrastructure efficiently will be a key differentiator.
SpacePlus has expanded beyond Selangor into Perak and Melaka and is entering Johor's public charging facilities, its move into a new state. It also has its first overseas footprint in the United States, where Terravis's Worksport charger, a subsidiary of Worksport Ltd., runs on SpacePlus's app infrastructure. The company says SpacePlus stations rate highly on the crowdsourced charger-mapping platform PlugShare, and cites collaboration with nearby food and beverage outlets.
Founder Group plans to shift SpacePlus stations toward solar and battery storage
Most Malaysian charging stations still run on grid electricity from TNB. Founder Group CEO Lee Seng Chi called that "an opportunity, not a limitation." He said the company's solar EPCC business and in-house battery energy storage system (BESS) capabilities can move SpacePlus sites toward solar-powered charging over time. That would lower Nichcom Go's running costs and give Founder Group's solar and storage business new sites to scale into.