The Competition and Consumer Commission of Singapore (CCS) has conditionally approved the merger between SP Mobility Pte. Ltd. (SPM) and Strides YTL Pte. Ltd. (ChargEco), following commitments from SPM to address potential competition issues. The decision comes after CCS identified concerns regarding the overlap of Electric Vehicle Charging Points (EVCPs) provided by both companies at Housing Development Board (HDB) car parks in Singapore’s East region.
The merger, initially flagged during a public consultation in January, raised concerns due to the competitive nature of the EVCP market in the East region, where both companies had previously been awarded contracts through a large-scale tender in November 2022. This tender, known as TD116, involved the deployment of EVCPs across various HDB car parks, including those in Bedok and Tampines.
To alleviate these concerns, SPM has committed to maintaining competitive pricing for EVCPs in the East region, ensuring that prices do not exceed pre-merger levels, except for adjustments due to regulatory changes or unforeseen costs. Additionally, SPM has pledged not to discriminate against personal account holders using EVCPs in the East region through selective discount or rebate programmes.
The commitments are set to last for three years from the effective date of the merger’s approval. CCS retains the authority to modify or release SPM from these commitments should market conditions change significantly or if the commitments prove detrimental to SPM’s development.
This conditional approval marks a significant step in the consolidation of Singapore’s EV charging infrastructure, aiming to balance market competition with the growth of sustainable transport solutions.
