Sustainable transportation infrastructure company ABB has announced is set to acquire a majority stake of 67% 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 and ABB has the possibility to increase its stake further in the next three years.
ABB state that since its establishment in 2009, Shanghai-based Chargedot has made a significant contribution to the uptake of electric vehicles in China. 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 a subsidiary of SAIC.
The company said in a recent press release 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.”
“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.