NaaS Technology Inc. ("NaaS", or the "Company") (NASDAQ: NAAS), the first publicly listed Chinese EV charging service provider, has recently entered into a strategic partnership agreement with Newrizon, a Chinese manufacturer that works with smart connected new energy commercial vehicles. NaaS and Newrizon will both draw upon the advantages that each partner possesses in terms of technology, resources, and services as they cooperate in the field of smart connected new energy commercial vehicles. The goal of the strategic partnership is to establish a new charging network, facilitate the formation of an intelligent charging ecosystem, and accelerate the popularization of new energy commercial vehicles. In doing so, both parties hope to not only facilitate the development of green logistics, but also to enable the achievement of China's "dual carbon" goals.

As a new player in ground transport, new energy commercial vehicles have been promoted heavily as they are regarded as an important means towards achieving the industry's "dual carbon" goals. According to the China Association of Automobile Manufacturers ("CAAC"), the market penetration rate for new energy commercial vehicles reached 10.2% this July. Global sales of new energy commercial vehicles were up to 142,000 as of July this year, representing a year-on-year growth of 75.3%. The China Passenger Car Association estimated that the sales of new energy vehicles would exceed 350,000 in 2022.

Currently, the commercial vehicle industry is pursuing the advancement of smart technologies. As an innovator, Newrizon is committed to the research and development of smart connected new energy commercial vehicles. Newrizon is improving the efficiency of the logistics industry with its cutting-edge, smart-connected technologies and full life cycle management systems. Newrizon develops its automatic driving solutions via a close coupling of its independently developed technologies for vehicles, power, chassis, and network connections. It has been awarded the L4 level automatic driving test license by the China Automotive Technology & Research Center Co. Ltd.

Business-use new energy commercial vehicles suffer more from the challenges of charging than new energy passenger vehicles. There are several reasons for this. First, their use in long-distance freight transport requires greater demand for charging. Second, the requirement to download different apps from different charging pile operators during long stretches of travel can be a burden for drivers. Third, commercial drivers often live in their vehicles when in transit, and their needs for food and beverage, hospitality, commercial purchases etc. often cannot currently be met while charging their vehicles. For all these reasons, new energy commercial vehicle manufacturers are determined to upgrade charging services and improve the user experience in charging.

NaaS and Newrizon, through their cooperative effort, will jointly upgrade Newrizon's charging services and improve user experience. Kuaidian, a strategic partner of NaaS, will open its nationwide digital charging network to Newrizon's mobile applications which include the Newrizon App as well as Newrizon mini-programs in WeChat and Alipay. Newrizon users can simply open these apps to find information such as prices and the locations of nearby charging stations, as well as directions and navigational aids. While at a charging station, users can enjoy the conveniences of charging with a single press of a button and pay online. This service was officially launched on September 5. In addition, based on the online, offline and non-electric services covering the entire value chain of the new energy industry, NaaS will provide restrooms, massage chairs, self-service counters for food and groceries, and other facilities at many charging stations. These features will allow Newrizon users to dine, rest, and shop while charging.

As a new energy service provider, NaaS provides industry-level solutions for charging pile manufacturers, operators, OEMs, vehicle network companies, logistics companies, large Internet companies, and other enterprises. On June 13, NaaS was listed on NASDAQ. According to the Company's Q2 financial report, in the first half of 2022, NaaS delivered 1.062 billion kWh to its users, representing a year-on-year increase of 160%. As of June 30, 2022, NaaS' services covered 358 major cities in China, connecting 44,000 charging stations and 400,000 charging connectors.

The current integration of automobiles with developments in the fields of energy, transportation, information and communication is accelerating. Liang Xing, Vice President of Operations for NaaS, said, "The commercial vehicle industry is accelerating its embrace of new energy. Newrizon is promoting the integration of new energy and autonomous driving technologies to commercial vehicles. NaaS will work closely with Newrizon to improve the smart-connected ecosystem with an intelligent charging network, promote innovation in the new energy commercial vehicle industry, and allow users to enjoy intelligent travel that is both pleasant and efficient."

Kuai Jun, Vice President of Marketing for Newrizon, said, "The intelligent charging network effectively upgrades the experience for new energy commercial vehicles drivers, which is of great significance to the development of green logistics and transportation. NaaS is a leading electric vehicle charging service provider in China. This new partnership will effectively strengthen Newrizon's efforts to build an electric, intelligent and networked ecosystem. It will also help accelerate the popularization of new energy commercial vehicles in China."

About NaaS Technology Inc.

NaaS Technology Inc. ("NaaS" or the "Company") is one of the largest and fastest growing electric vehicle ("EV") charging service providers in China. The firm is a subsidiary of NewLink, a leading energy digitalization group in China. NaaS offers a comprehensive one-stop shop to charger manufacturers and operators, OEMs, in-house delivery fleets as well as fleet operators, with online, offline, and non-electric services covering the entire EV industry value chain. As of June 30, 2022, NaaS operates in 358 cities across China and has connected to more than 400,000 chargers and 44,000 charging stations. On June 13, 2022, NaaS Technology Inc. was officially listed on the NASDAQ under the ticker NAAS.

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