ABB is to acquire a majority stake of 67 percent in Shanghai Chargedot New Energy Technology, a leading Chinese e-mobility solution provider.
ABB is to acquire a majority stake of 67 percent 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 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 in China.
“This investment is a further demonstration of ABB’s commitment to enabling sustainable mobility,” said Tarak Mehta, president of ABB’s Electrification business. “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,” said 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.
Key to achieving this vision, 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, the firm 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.