Report: TIME dotCom Enters CPO Space After Acquiring 51% Of Charge N Go

it appears local ISP firm TIME (left) has entered the local CPO space after it reportedly acquired 51% stake of local CPO Charge N Go (right).

Some interesting developments from the local EV charging point operator (CPO) space. Thanks to an in-depth report by leading local tech lifestyle portal SoyaCincau, we’ve learnt that local internet service provider (ISP) known as Time dotCom (TIME) have acquired local CPO firm Charge N Go.

As a result of this acquisition, the latter has since been rebranded as Time Charge N Go, and this new branding is now visible through social media – Facebook and Instagram at least. However, the same changes hasn’t reflected on the Charge N Go official website just yet.

At the time of writing, neither TIME or Charge N Go have made any official announcements about this shift. According to SoyaCincau’s report though, TIME had acquired Charge N Go sometime earlier this year at an undetermined total cost.

The acquisition saw Charge N Go rebranding itself as TIME Charge N Go now on the social media space, but not its official website. Also, neither firms have released statement regarding this shift.

Said report cited details from TIME’s financial statements for Q4 2023 released on Feb 29 this year showing several payments made for the acquisition.

Included here was an initial payment amounting to roughly RM4.2 million, which follows up from another totalling at around RM813,000 to acquire Charge N Go shares held by a firm called RWC1. Both transactions saw the ISP obtaining 51% of said CPO, effectively turning it into its subsidiary.

You can read SoyaCincau’s original report by clicking these blue words if you wish to get a better grasp of the business aspects of this acquisition. Nevertheless, this change in ownership structure for Charge N Go is a notable one indeed as it could spur further growth of its network.

One of the 42 AC chargers Charge N Go has listed as operational, with 39 of which being sprawled across the Klang Valley. (Image lifted from SoyaCincau.com)

Presently, Charge N Go’s network consists of 42 EV Charging Bays (EVCBs), all primed with AC chargers. Barring two points listed in Johor Bahru and one in Singapore, 39 of these EVCBs are sprawled across the greater Klang Valley, and are all accessible through Charge N Go’s own app.

Presently, TIME Charge N Go charges users a rate of RM1/kWh, though this can be lowered significantly by signing up and subscribing to its annual membership scheme.