© abb Electronics Production | October 28, 2019
ABB to acquire Chinese EV charging provider
ABB says the company is to acquire a majority stake of 67% in Shanghai Chargedot New Energy Technology Co., Ltd., a Chinese e-mobility solution provider.
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 contributions to the uptake of electric vehicles in China. The 185 employee strong 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. The acquisition will strengthen ABB’s relationship with Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements. “This investment is a further demonstration of ABB’s commitment to enabling sustainable mobility,” says Tarak Mehta, President of ABB's Electrification business, in a press release. “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.” “Chargedot was one of the first high-tech enterprises in China to focus on new energy vehicle charging solutions. By joining with ABB, we will be positioned strongly to make the next big leap forward,” adds Mao Chunhua, CEO of Chargedot. The outlook for the global e-mobility infrastructure market is growing. Grand View Research, Inc. forecasts the Asia Pacific region is expected to show the highest growth in this market. China already boasts the largest fleet of electric vehicles worldwide at 2 million, with consumers supported by a government-backed incentive scheme. Within China, ABB has been working with BYD and Daimler since 2016, supplying its DC Wallbox units for charging Denza electric vehicles. The company is also a supplier of DC fast charging solutions to electric vehicle manufacturers including NIO and to operators such as BP/ifuel 66.