ABB Completes Acquisition of Chinese EV Charging Provider Chargedot
ABB Ltd (ABB)
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Source: Business Wire
ZURICH--(BUSINESS WIRE)--ABB has completed its acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. (“Chargedot”). The transaction was announced on October 28, 2019.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.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.ABB (ABBN: SIX Swiss Ex) is a technology
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