ABB to increase its stake to 80 percent in Chargedot, an electric vehicle charging provider based in China

The additional investment is part of ABB E-mobility’s growth strategy and further strengthens ABB’s position in the rapidly growing Chinese e-mobility market.

(PRESS RELEASE) ZÜRICH, 31-Jan-2022 — /EuropaWire/ — ABB (SWX: ABBN), a Swedish–Swiss multinational company leader in robotics, power, heavy electrical equipment, and automation, has announced it will increase its holdings in Chargedot (Chargedot Shanghai New Energy Technology Co., Ltd.), an electric vehicle charging provider based in China, from what it currently owns (67 percent) to 80 percent. The transaction is part of ABB E-mobility’s growth strategy and further strengthens its position in the rapidly growing Chinese e-mobility market. Financial terms of the transaction were not disclosed. The deal follows ABB’s acquisition of 67 percent stake in Chargedot it made in March 2020. The companies did not disclose the financial terms of the transaction.

China recorded the highest number of EV sales globally in 2021 for the seventh consecutive year, with more than 3.5 million electric vehicles sold; a 1.6 fold increase on 2020¹.

Frank Muehlon, President of ABB’s E-mobility division comments: “Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business. ABB has helped deliver innovations in safe, smart and sustainable charging hardware and software solutions to the Chinese market, supporting leading companies such as SAIC, Xpeng and GAC Toyota. Looking ahead, Chinese demand for high-power charging solutions and export strategies for Chinese OEM’s are both showing significant growth. With this we see strong opportunities to leverage our global experience to further support our Chinese customers and increase market share.”

Drawing on ABB’s expertise as the global leader in EV charging infrastructure has enabled Chargedot to increase its market penetration, supplementing its established AC charging business with ABB’s innovations in high-power, liquid cooled charging and smart, load management technology. ABB has also leveraged Chargedot’s expertise to further strengthen its position in a rapidly growing global AC charging market and will continue to maximize global supply opportunities.

With this latest investment, ABB is one of two shareholders in Chargedot alongside Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of China’s largest vehicle manufacturer SAIC, which retains a 20 percent stake.

ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com

¹Chinese Ministry of Industry and Information Technology

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SOURCE: ABB