ABB's automotive charging business completed its last round of financing before going public

The financing raised a total of 2.4 billion yuan, and ABB still holds 80% of the equity of the business.

ABB Group's electric vehicle charging business has completed its second round of financing.

On February 2, ABB Group announced that its e-mobility business (hereinafter referred to as ABB e-mobility) has completed a new round of financing, raising a total of 325 million Switzerland francs (about 2.4 billion yuan).

The four investors are General Atlantic fund BeyondNetZero, the Government of Singapore Investment Corporation, United Kingdom climate investment company Just Climate, and Porsche Automotive Holdings, the controlling shareholder of Volkswagen and Porsche, which will hold a 12% stake in ABB E-Mobility.

The transaction, which is expected to close earlier this month, is the last round of financing for ABB E-Mobility before its standalone IPO, with proceeds to be used for organic growth in the hardware and software areas and related M&A investments.

After the completion of this round of financing, ABB Group still holds 80% of the equity of ABB E-Mobility.

In November last year, ABB E-Mobility completed its first round of financing, raising 200 million Switzerland francs (about 1.48 billion yuan), with investors from Switzerland family business moyreal, international investment group Interogo, and Michael Halbherr, chairman of ABB e-mobility.

ABB E-Mobility is now part of the Electric Division, which consists of four divisions: Electrical, Process Automation, Motion Control, and Robotics & Discrete Automation.

ABB Group originally planned to spin off ABB E-Mobility in the second quarter of last year to raise US$750 million (about 5 billion yuan) in funding. In June last year, ABB Group postponed plans to go public for the business, attributing it to a challenging capital market environment.

ABB Group officially entered the charging pile business in 2010, and has delivered more than 1 million charging piles to more than 85 countries and regions around the world.

In 2021, ABB launched the Terra 360 charging station, which provides a range of 100 kilometers in less than 3 minutes.

Tesla's V3 Supercharger, launched in 2019, can replenish the vehicle's range of up to about 250 kilometers in 15 minutes. Star Charging and Xpeng Motors released superchargers last year, with the former replenishing 500 kilometers of vehicle range in 12.5 minutes and the latter adding 200 kilometers of range to electric vehicles in 5 minutes.

Through the acquisitions of companies such as Shanghai Lianzhu, In-charge and Chargelab, ABB E-Mobility has been able to continue to expand its business. Founded in 2009, Shanghai Lianzhu is one of the earliest enterprises in China to provide charging solutions for new energy vehicles. ABB acquired a 67% stake in 2019 and increased its stake to 80% last year.

In 2021, Zhao Yongzhan, President of ABB Electric China, said in an interview with Jiemian News that ABB ranked first in China's private charging pile market for electric vehicles. At the same time, the company is actively laying out the field of public charging, and aims to enter the first echelon of China's public charging field. According to the statistics of the China Charging Alliance, as of December last year, the total amount of domestic charging infrastructure was 5.21 million units, an increase of 99% year-on-year.

ABB's automotive charging business completed its last round of financing before going public

ABB's automotive charging business completed its last round of financing before going public

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