ABB Completes Acquisition of Chinese EV Charging Provider Chargedot

ABB has announced that it has completed its acquisition of a majority stake in Chargedot Shanghai New Energy Technology

Swiss-Swedish multinational corporation ABB has announced that it has completed its acquisition of a majority stake in Chargedot Shanghai New Energy Technology (Chargedot).

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 205 employees and its other shareholders include Shanghai SAIC Anyo Charging Technology Co., Ltd., a subsidiary of SAIC.

“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.

The acquisition is expected to further 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 as well as service offerings.

The transaction was announced on October 28, 2019, when the firm had first announced that it is to acquire a majority stake of 67 percent in Chargedot.

“This investment is a further demonstration of ABB’s commitment to enabling sustainable mobility,” said Tarak Mehta, president of ABB’s Electrification business at the time. “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.”

ABB’s comprehensive e-mobility portfolio spans EV charging technology and supporting energy distribution solutions. ABB has sold more than 11,000 DC fast-charging points across 76 countries worldwide. Within China, the firm has been working with BYD and Daimler since 2016, supplying its DC Wallbox units for charging Denza electric vehicles. The company is also a supplier of DC fast-charging solutions to electric vehicle manufacturers including NIO and to operators such as BP/ifuel 66.