CDG takes full control of EV charging unit after buying out partner Engie

[SINGAPORE] ComfortDelGro (CDG) has taken full control of its electric vehicle charging business, CDG Engie, after buying out joint venture partner Engie.

Following the move, the mainboard-listed land transport operator on Wednesday (Aug 12) unveiled the business’ new corporate identity, CDG Energy.

The joint venture was established in 2021, with CDG owning a 51 per cent stake and French multinational energy giant Engie holding the remaining 49 per cent.

With full ownership secured, CDG will pivot the business beyond basic charging infrastructure to offer comprehensive fleet electrification and integrated energy management services.

The consolidation gives the group complete control over a network of 2,600 charging points across 800 locations in Singapore and Malaysia.

Cheng Siak Kian, managing director and group chief executive of CDG, said that the fully integrated unit “represents a natural extension” of the group’s broader mobility ecosystem, enhancing its ability to capture opportunities in the convergence of mobility and energy.

The buyout, completed at the end of July for an undisclosed amount, followed an earlier retreat by Engie.

In January, The Business Times reported that the Paris-listed company was selling all the startup stakes and interests it held in Singapore and the Asia-Pacific via its venture arm, Engie Factory Asia-Pacific, as part of a restructuring.

That unit was then acquired by Pacific Channel, a venture capital firm headquartered in New Zealand, in May.

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Now operating independently of its former partner, CDG Energy aims to help commercial customers optimise energy usage, improve operational efficiency and meet decarbonisation targets.

“While EV charging remains a core part of our business, our customers increasingly require integrated solutions that support fleet electrification, energy optimisation and infrastructure planning,” said Yeo Woo Yee, general manager of CDG Energy.

Existing operational services and customer support will continue uninterrupted, with physical and digital assets scheduled to transition to the new CDG Energy branding in phases, the company said.