Founder Group’s investment gives the solar EPCC provider exposure to Malaysia’s expanding EV charging market while creating a potential route for its solar and battery storage capabilities to support charging infrastructure.
Key Investor Takeaways
- Founder Group Limited (NASDAQ:FGL) has completed the acquisition of a 19.90% equity interest in Nichcom Go, operator of the SpacePlus EV charging network.
- The investment expands Founder Group beyond its core solar EPCC business and into Malaysia’s growing EV charging infrastructure market.
- Nichcom Go has set a target of deploying 1,000 EV charging stations across Malaysia by 2028, providing a potential growth platform for the partnership.
- Founder Group sees opportunities to integrate its solar and battery energy storage capabilities with SpacePlus charging locations over time.
- Malaysia had 6,416 EV chargers installed as of May 31, 2026, compared with the National Energy Transition Roadmap target of 30,000 public charging stations by 2030.
Why FGL Stock Is in Focus
Founder Group Limited (NASDAQ:FGL) has completed its acquisition of a 19.90% stake in Nichcom Go Sdn. Bhd., giving the Malaysian solar EPCC company a strategic position in the SpacePlus EV charging network.
Nichcom Go develops, installs, operates and manages EV charging infrastructure, including facilities serving commercial buildings. SpacePlus has expanded beyond Selangor into Perak and Melaka and is moving into public charging facilities in Johor.
The investment comes as Malaysia’s charging infrastructure continues to lag longer-term government targets. According to figures cited in the announcement, 6,416 EV chargers had been installed nationwide as of May 31, including 2,143 DC chargers and 4,273 AC chargers.
Malaysia’s National Energy Transition Roadmap is targeting 30,000 public charging stations by 2030. Meanwhile, EV registrations reached 14,591 during the first quarter of 2026, up 113.7% from 6,827 in the corresponding 2025 period.
Nichcom Go is targeting 1,000 EV charging stations across Malaysia by 2028. SpacePlus has also established an overseas presence through a US partnership under which Terravis’s Worksport charger operates using SpacePlus app infrastructure.
Why This Matters for Investors
The Nichcom Go investment potentially broadens Founder Group’s growth narrative beyond constructing solar PV facilities by giving the company exposure to an EV charging operator with an existing expansion strategy.
The strategic link is particularly relevant because Founder Group believes its solar EPCC and in-house battery energy storage system capabilities could eventually be deployed at SpacePlus locations. That could provide new sites for Founder Group’s existing energy infrastructure businesses while potentially reducing Nichcom Go’s reliance on conventional grid electricity.
Chief Executive Officer Lee Seng Chi said: “Today, most EV charging stations in Malaysia still run on grid electricity from Tenaga Nasional Berhad. We see that as an opportunity, not a limitation because as a solar EPCC company with in-house BESS capabilities, we can help SpacePlus stations move toward solar-powered charging over time, which lowers running costs for Nichcom Go and gives our own solar and battery storage business new sites to scale into. This investment will be a strategic fit for both of us: they bring the charging network and customer reach, we bring the energy infrastructure to power it more sustainably.”
For investors, execution will be important. The 19.90% interest gives Founder Group exposure to Nichcom Go’s expansion without representing full ownership, while the potential integration of solar and battery storage into charging locations remains an opportunity to be developed over time.
The wider market backdrop could support that strategy. The announcement cites independent research estimating Malaysia’s EV charging market will grow from US$189.7 million in 2025 to US$539.4 million by 2030, representing a 23.25% compound annual growth rate.
What to Watch Next
Attention now shifts to Nichcom Go’s progress toward its 1,000-station target for 2028 and the pace of SpacePlus expansion across additional Malaysian states.
Investors may also watch for evidence that Founder Group begins supplying solar PV or battery storage infrastructure to SpacePlus sites. Such projects could demonstrate whether the investment develops into a broader commercial relationship spanning both EV charging and Founder Group’s existing energy businesses.
Further overseas expansion of the SpacePlus platform and progress toward Malaysia’s 30,000-public-charger target for 2030 could also shape the longer-term strategic significance of Founder Group’s investment.