ABB has increased its majority stake in Chinese EV charging provider Chargedot.
The Swiss power and manufacturing giant now owns 80% of Chargedot, up from the 67% it acquired in March 2020. The financial terms of the deal have not been disclosed.
The additional investment is designed to help ABB E-mobility fulfil its growth strategy and strengthen its position in the rapidly growing Chinese electric mobility market.
“Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business,” says Frank Muehlon, President of ABB’s E-mobility division.
“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.”
With help from ABB, Chargedot has been able to increase its market penetration supplementing its established AC charging business with ABB’s new faster-charging tech. ABB has also used Chargedot’s expertise to help strengthen its position in the growing global AC charging market.
With this latest investment, there are now only two shareholders in Chargedot, ABB and Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of China’s largest vehicle manufacturer SAIC, which retains a 20% stake.
Keyword: ABB Increase Stake in Chargedot to 80%