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ABB to acquire majority stake in Chinese EV charging provider Chargedot

ABB is to acquire a majority stake of 67% in Shanghai Chargedot New Energy Technology Co., Ltd. (Chargedot), a leading 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 a significant contribution to the uptake of electric vehicles in China. The 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. It has approximately 185 employees and its other shareholders among others include Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of SAIC.

Chargedot is a fit for ABB, which already offers solutions from grid distribution to charging points for cars and trucks, as well as for the electrification of ships, railways, trams, buses and cable cars. The acquisition will strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements. ABB Robotics is the leading supplier of robot units and software to the assembly lines of Chinese EV manufacturers.

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.

ABB’s comprehensive e-mobility portfolio spans EV charging technology and supporting energy distribution solutions. ABB has sold more than 11,000 DC fast-charging points across 76 countries worldwide.

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.

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