SP Mobility secures conditional CCS approval for ChargEco buyout

East HDB EV charging prices will stay at pre-deal levels for three years.

SP Mobility has secured conditional approval from Singapore’s competition watchdog for its proposed acquisition of Strides YTL, also known as ChargEco, after agreeing to safeguards on electric vehicle (EV) charging prices.

The Competition and Consumer Commission of Singapore (CCS) had initially raised concerns during its first public consultation, as both companies operate EV charging points at Housing Development Board (HDB) carparks in the East region.

The overlap arose from the first large-scale tender for EV charging points at HDB carparks in November 2022, where both parties were awarded contracts in estates such as Bedok and Tampines.

To address the concerns, SP Mobility committed that prices at the affected East HDB charging points will not exceed pre-transaction levels, except under limited circumstances.

The company will also ensure that discounts or rebates do not disadvantage EV drivers using charging services in the region.

The commitments will last for three years from 28 May 2026. SP Mobility has also undertaken to notify CCS of any price adjustments at the affected charging points.

CCS said the conditions were sufficient to address its competition concerns after reviewing feedback from a second public consultation held from 30 March to 13 April.

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