ABB closes stake purchase in Chinese EV charging tech firm

Switzerland’s ABB (VTX:ABBN) said Tuesday it had finalised the acquisition of a majority stake in Shanghai Chargedot New Energy Technology Co Ltd, a Chinese company offering charging solutions for electric vehicles (EVs).

The plan was announced in October 2019, when the Swiss power and automation group said it would take a 67% stake in Chargedot with the possibility of raising it further in the next three years.

Financial details have not been disclosed.

According to ABB, the Shanghai-based tech company supplies AC and DC charging stations and software platforms to EV manufacturers, EV charging network operators, real estate developers and other customers.

Chargedot is also credited with making significant contribution to the uptake of EVs in China. Among its shareholders is Shanghai SAIC Anyo Charging Technology Co Ltd, a subsidiary of Chinese car maker SAIC Motor Corporation Limited (SHA:600104).

ABB said it expects the acquisition to strengthen its relationship with Chinese EV manufacturers and further boost its e-mobility portfolio with hardware and software tailored for local needs.

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