ABB E-Mobility’s ChargeDot faces majority stake purchase
The majority stake acquisition will reportedly enable Dongguan Mentech Optical & Magnetic (to give it its full name) to expand further into the AC charging market by using ChargeDot’s technology platform and team. On the other hand, ABB E-mobility has said the majority stake sale will enable it to ‘sharpen its focus’ on core DC HPC systems. However, it will retain a 40 per cent stake in ChargeDot, and states it will continue to play a role in the company’s ‘growth and innovation’ – primarily through providing its distribution channels in Europe and North America.
First founded in Shanghai, ChargeDot was itself acquired in 2019, when ABB bought a majority stake (67 per cent of shares) in the company. In 2022, it then went on to increase its majority stake up to 80 per cent – both for an undisclosed sum. The majority acquisition by Mentech thus brings ownership of ChargeDot full circle back to China.
Michael Halbherr, CEO of ABB E-mobility, said: “ChargeDot has delivered excellent results in China and key international markets since its launch. By partnering with Mentech, an established leader in electrification solutions, we are ensuring ChargeDot’s continued success, while concentrating on innovation and product development in the rapidly expanding markets of DC fast and ultra-high-power charging for depots, fleets, and public EV charging.”
Anson Yang, Chair & CEO of Mentech added: “The acquisition of a majority stake in ChargeDot is a transformative step for Mentech. We gain access to world-class AC charging technology, an experienced management team and ABB E-mobility’s established distribution network in Europe and North America. Together, we will drive the next wave of home and workplace charging solutions in China and beyond.”
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