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ABB to Acquire Stake in Chinese EV Charging Provider Chargedot

Auto News - Published on Thu, 31 Oct 2019

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ABB is to acquire a majority stake of 67 percent in a leading Chinese e-mobility solution provider Shanghai Chargedot New Energy Technology Co Ltd. The transaction is expected to be completed in the coming months and ABB has the possibility to increase its stake further in the next three years. Since its establishment in 2009, Shanghai-based Chargedot has made a significant contribution to the uptake of electric vehicles in China. The company supplies AC and DC charging stations, as well as the necessary software platform to a range of customers that includes EV manufacturers, EV charging network operators and real estate developers. It has approximately 185 employees and its other shareholders among others include Shanghai SAIC Anyo Charging Technology Co Ltd, a subsidiary of SAIC.

Chargedot is a natural fit for ABB, which as a global leader in sustainable transportation infrastructure, already offers solutions from grid distribution to charging points for cars and trucks, as well as for the electrification of ships, railways, trams, buses and cable cars. The acquisition will strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements. ABB Robotics is the leading supplier of robot units and software to the assembly lines of Chinese EV manufacturers.

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Posted By : Ratan Singh on Thu, 31 Oct 2019
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