ABB has increased its shareholding in Chargedot Shanghai New Energy Technology (Chargedot), a Chinese electric vehicle (EV) charging provider, to 80 %.
ABB, which had purchased a 67 % ownership in the company in March 2020, said the increased investment was part of ABB E-mobility’s growth strategy and improves the company’s position in China’s rapidly growing e-mobility sector. The transaction’s financial specifics were not disclosed.
Frank Muehlon, President of ABB’s E-mobility division, said 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.
“Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business,” Mr Muehlon said.
“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 this recent investment, ABB joins Shanghai SAIC Anyo Charging Technology, a subsidiary of China’s largest car maker SAIC, as one of two shareholders in Chargedot. SAIC retains a 20% stake.
