Switzerland-based ABB has completed the acquisition of a majority stake in the Chargedot Shanghai New Energy Technology Company Limited.
The news was made public by the company in a press statement. The latest development marks the culmination of the transaction that was announced on October 28, 2019.
The e-mobility ecosystem is growing at a rapid pace, and China is leading the way with the largest fleet of electric vehicles worldwide. Since its inception in 2009, Chargedot has made significant strides in the electric vehicle segment in China and is considered one of the leading names in supplying AC and DC charging stations in the country. It has a wide range of products for the whole electric mobility ecosystem. The company supplies AC and DC charging stations along with the necessary platform to a wide range of customers that includes EV manufacturers, EV charging network operators, and real estate developers.
This latest move by ABB is expected to help the company gain a foothold in the ever-expanding EV market in China, which is the world’s biggest market of EVs and broaden the company’s e-mobility portfolio with hardware and software developed specifically for the local requirements as well as service offerings.
In January this year, Ashok Leyland, the flagship of the Hinduja Group, and ABB Power Grids signed a Memorandum of Understanding (MoU) to expand the e-mobility ecosystem in the country by providing environment-friendly electric buses in India. The partnership will work on the development of a pilot electric bus based on ABB’s flash charge technology ‘TOSA,’ which charges the battery in a short time as passengers get on and off the bus.
ABB has four globally leading businesses: electrification, industrial automation, motion, and robotics.
In July 2019, Mercom reported that ABB and Italian company FIMER had signed an agreement under which FIMER acquired ABB’s solar inverter business. This acquisition included the solar inverter business from Power-One, which was acquired by ABB’s Discrete Automation and Motion division in 2013. ABB, one of the biggest names in the solar inverter segment, had created headlines with this news of exiting the inverter segment.
Rakesh is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU).