Global power solutions provider ABB is set to acquire a 67% stake in Shanghai Chargedot New Energy Technology (Chargedot), a leading Chinese e-mobility solution provider.
The transaction is expected to be completed in the coming months.
Chargedot has made a significant contribution to the uptake of electric vehicles in China since its launch in 2009.
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, a subsidiary of SAIC.
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.
“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,” added Mehta.
Global growth of e-mobility infrastructure market
Commenting on the change, Mao Chunhua, CEO of Chargedot, said: “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.”
The outlook for the global e-mobility infrastructure market is growing.
Grand View Research forecasts the Asia Pacific region will have the highest growth in this market.
China already boasts the largest fleet of electric vehicles worldwide at two million, with consumers supported by a government-backed incentive scheme.
ABB has unrivalled expertise in delivering solutions for safe, smart and sustainable electrification.
Its partnership with the ABB FIA Formula E Championship serves as a global platform to test and develop e-mobility-relevant electrification and digitalisation technologies, pushing the boundaries of e-mobility for noise and emission-free future.