(Bloomberg) -- NewLink Group, a Bain Capital-backed firm that provides software to sectors including the electric vehicle-related industry, is seeking as much as $100 million in private debt, according to a person familiar with the matter.

The company is parent to NaaS Technology Inc., a US-listed Chinese EV charging services provider. The funding would go to renting parking spaces for EV charging stations in China and Hong Kong, said the person, who requested anonymity discussing private matters.

China’s EV market remains a bright spot in an economy that’s facing pressure from a real estate crisis, even as the sector grapples with less robust demand for electric cars and intense price wars. The government has set out long-term targets and promotes EVs through supply mandates and incentives. EV sales jumped 34% to 1.8 million in the first quarter, according to the China Passenger Car Association. 

Parking lot rentals will enable NewLink to test their EV-related software, the person said. Pilot projects have begun in Yunnan and another Chinese province, the person said, adding that discussions on the matter are still on-going.  

NewLink remains on the “lookout for suitable financing opportunities as there are huge business opportunities in the fast-growing new energy sector,” the company’s spokesperson said in a text message to Bloomberg News, but declined to comment on any financing plans. 

Bain Capital led a $200 million strategic investment into NewLink Group in 2021 and is still a shareholder of the company.

The Chinese company has been expanding its operations in the country and abroad. It signed an agreement with the Dubai Chambers in November to promote renewable technology in the United Arab Emirates. A month later, it formed a partnership with DEEPAL, Chongqing Changan Automobile Co. Ltd.’s EV brand, to provide a nationwide charging network. 

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