ABB to buy 67% stake in Chinese EV charging tech firm
EV charging. Author: NCDOTcommunications.
Switzerland’s ABB (VTX:ABBN) on Monday announced it will acquire a 67% stake in Shanghai Chargedot New Energy Technology Co Ltd, a Chinese company offering charging solutions for electric vehicles (EVs).
The Swiss-based power and automation group said it can raise the stake further in the next three years.
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.
ABB expects the acquisition will strengthen its relationship with Chinese EV manufacturers and further boost its e-mobility portfolio with hardware and software tailored for local needs.
Through ABB Robotics, the Swiss company supplies robot units and software in China for EV manufacturers’ assembly lines, ABB said.
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