Oct 28, 2019 - 05:31 pm

ABB buys up China’s Chargedot

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The Swiss technology group ABB has acquired a majority stake in Chargedot. The Chinese company supplies charging station software to EV manufacturers, charging network operators and real estate developers, among others.

The transaction will see ABB acquire 67 per cent of shares for an unspecified amount and is expected to be completed in the coming months with the option increasing its stake over the next three years.

Shanghai-based Chargedot was founded in 2009 and employs approximately 185 people. Other shareholders include the SAIC subsidiary Shanghai SAIC Anyo Charging Technology Co., Ltd.

For Tarak Mehta, head of ABB’s Electrification division, the investment underscores ABB’s commitment to sustainable mobility. “China is far ahead in developing a comprehensive ecosystem for electric mobility,” says Mehta. “The acquisition of Chargedot offers ABB the opportunity to contribute to growth in close cooperation with SAIC and other leading Chinese vehicle manufacturers.”

ABB speaks of “promising” prospects for the global electromobility infrastructure market in their press release, which has proven to be a rapidly growing market across the globe. Chargedot is likely to remain focussed on China and the Asia-Pacific region for the time being, where the most substantial growth is forecast.

“This investment is a further demonstration of ABB’s commitment to enabling sustainable mobility,” said Tarak Mehta, President of ABB’s electrification business. “With China forging ahead in the development of a comprehensive e-mobility ecosystem, this acquisition will give ABB a significant role in delivering growth, working closely with SAIC and other leading Chinese car manufacturers.”

ABB has sold more than 11,000 fast-charging stations in 76 countries worldwide. In China, ABB cooperates with BYD and Daimler, among others, and supplies AC wall charging stations for Denza customers. The company also provides DC fast-charging solutions for Nio and operators such as BP/ifuel 66, among others.

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Found on electrive.com
https://www.electrive.com/2019/10/28/abb-buys-up-chargedot/
28.10.2019 17:52