ABB buys majority stake in electric vehicle charging station manufacturer in China

Swiss company ABB, specializing in solutions for electrification, industrial automation and robotics, announced the acquisition of a controlling stake in Shanghai Chargedot New Energy Technology (Chargedot) – a leading Chinese supplier of charging stations for electric vehicles. It is expected that the transaction, as a result of which the buyer will receive a 67% stake in Chargedot, will be completed in the coming months. In addition, ABB will retain the opportunity to increase its stake in the next three years. The amount of the transaction was not disclosed.

Since its founding in 2009, Shanghai Chargedot has made a significant contribution to the distribution of electric vehicles in China. It supplies AC and DC charging stations, as well as the necessary software platform for a wide range of customers, including electric vehicle manufacturers, electric vehicle charging network operators and developers. It employs about 185 employees.

According to ABB, the purchase of Chargedot will well complement ABB’s own offer, which already includes solutions in this area, such as components of the distribution network and charging points, as well as means of electrification of ships, railways, trams, buses and cable cars. In addition, the acquisition will strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers.