ABB will acquire a 67% stake in Shanghai Chargedot New Power Technology Co., Ltd. ("Chargedot"), a leading electric vehicle solutions provider in China. The transaction is expected to close in the coming months, with the potential for ABB to further increase its stake over the next three years.
Since its inception in 2009, Shanghai-based Chargedot has made a significant contribution to the spread of electric vehicles in the country. The company supplies AC and DC charging stations and the necessary software platforms to a range of customers, including EV manufacturers, EV charging network operators and property developers. It has approximately 185 employees, and its other shareholders include Shanghai SAIC Anyou Charging Technology Co., Ltd., a subsidiary of SAIC.
Chargedot is a perfect fit for ABB, a global leader in sustainable transport infrastructure, which now offers solutions ranging from grid power distribution to charging points for cars and trucks, as well as the electrification of boats, railways, trams, buses and cable cars. The acquisition will strengthen ABB's relationship with our country's leading EV manufacturers and expand the company's EV portfolio with hardware and software developed specifically for local needs. ABB Robotics is a leading supplier of robot cells and software for the assembly lines of electric vehicle manufacturers in China.
"This investment is further evidence of ABB's commitment to sustainable mobility," said Tarak Mehta, President of Electrification at ABB. "As our country grows in developing a comprehensive EV ecosystem, this acquisition will enable ABB to play an important role in completing the addition, working closely with SAIC and other leading Chinese automakers."
"Chargedot is one of the first high-tech companies in China to focus on charging solutions for new power vehicles. By participating in ABB, we will be able to take the next big leap," said Mao Chunhua, CEO of Chargedot.
The outlook for the global e-mobility infrastructure mall is increasing. Grand View Research, Inc. predicts that the Asia-Pacific region is expected to be the fastest-growing region for the mall. China now has the world's largest fleet of electric vehicles, with 2 million electric vehicles, and consumers are supported by government-backed incentive programs.
ABB has unrivalled expertise in delivering secure, smart and sustainable electrification solutions. Its partnership with the ABB FIA Formula E Championship is a global platform to test and develop electrification and digitalization skills related to electric vehicles, advancing the boundaries of electric vehicles and completing a noise- and emission-free future. ABB Formula E will be held on March 21, 2020 in Sanya, China.
Key to achieving this vision is ABB's comprehensive EV portfolio, which includes EV charging capabilities and supporting power distribution solutions. ABB has sold more than 11,000 DC fast charging stations in 76 countries around the world.
In Malaysia, ABB has been working with BYD and Daimler since 2016 to supply DC Wallbox units for charging Denza electric vehicles. The company is also a supplier of DC fast charging solutions for electric vehicle manufacturers, including NIO, and operators such as BP/ifuel 66.
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