ABB Acquires Majority Stake In Chinese EV Charging Provider- Chargedot
ABB has completed its acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. The deal was announced on October 28, 2019.
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.
In a press statement, ABB says: ‘The acquisition is expected to further 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 as well as service offerings’.
Since its establishment in 2009, Shanghai-based Chargedot has approximately 185 employees and its other shareholders among others include Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of SAIC.
When the deal was announced, 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.”
Tarak Mehta, President of ABB’s Electrification business, added: “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.”
Within China, ABB has been working with BYD and Daimler since 2016, supplying its DC Wallbox units for charging Denza electric vehicles.