ABB acquires Numocity charging operators in India
The ABB E-mobility division has agreed to acquire a controlling stake in Numocity, a leading digital platform for electric vehicle charging in India. ABB will increase its shareholding to a 72 per cent controlling majority with the right to become sole owner by 2026.
Numocity was founded in 2018 and is based in Bangalore. ABB’s collaboration with the company goes back three years, after having made an initial investment of seven per cent as part of seed-stage venture capital funding.
The Swiss-Swedish company says the acquisition of the Indian company will strengthen its E-mobility’s position across India, as well as South East Asia and the Middle East. These are target regions for Numocity following increasing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
Numocity offers a cloud-based digital platform that allows consumers and fleet operators to use a network of fixed chargers or battery swapping solutions on a “pay as you go” basis. The platform is also able to monitor the impact of energy use on the electricity grid. India is currently in the process of finalising legislation for battery swapping technology with several companies in the process of or poised to unroll battery swapping stations across the country. These have proven to be useful in a number of Asian countries, especially for two and three-wheelers, which make up the majority of vehicles in India.
On its website, Numocity defines its areas of activity to include Charge Point Operators (CPO), electric vehicle fleet operators, and battery swap operators, as well as providing its technology platform for automotive companies for user experience with home and public charging. The company says its cloud-native technology platform is designed using “the latest software architecture.”
Frank Muehlon, CEO of ABB E-mobility said: “We are delighted to expand our presence in the burgeoning Indian market, while also enlarging our offering in EV charging infrastructure. Zero-emission mobility will play a key role in the Indian government’s efforts to reduce carbon emissions, while the wider region is a hotbed of digital expertise.” The financial terms of the acquisition have not been disclosed.