ABB Buys Chinese Charging Manufacturer
By Mike Osenga28 October 2019
ABB said it will acquire a majority stake of 67 percent in Shanghai Chargedot New Energy Technology Co., Ltd., a 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.
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. It has approximately 185 employees and its other shareholders among others include Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of SAIC.
ABB said the deal will enhance its relationship with Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements.