Founder Group Buys 19.9% Stake in Malaysia EV Charging Operator SpacePlus

Nasdaq-listed Founder Group Limited (FGL) announced Monday the completion of a 19.90% equity acquisition in Nichcom Go Sdn. Bhd., the Malaysian company that operates the SpacePlus electric vehicle charging brand, marking the Kuala Lumpur-based firm's direct entry into the fast-growing EV infrastructure sector.

FGL, which has built its core business as a pure-play end-to-end engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic facilities, is now expanding its clean-energy footprint by backing a domestic charge point operator. Nichcom Go functions as a licensed Charge Point Operator in Malaysia, delivering EV charging facilities under the SpacePlus brand.

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The move signals a strategic pivot for Founder Group beyond its established solar PV roots, positioning the company at the intersection of renewable energy generation and electric mobility infrastructure — two sectors widely expected to grow in tandem as Malaysia accelerates its clean-energy transition. By taking a roughly one-fifth ownership position, Founder Group gains meaningful influence over Nichcom Go's direction without assuming full operational control.

The deal also reflects a broader regional trend of solar-focused developers diversifying into EV charging as governments across Southeast Asia push electrification agendas and grid-tied charging demand rises alongside vehicle adoption rates. Founder Group has not yet disclosed the financial terms or purchase price of the stake acquisition.

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