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Switzerland-based power and automation company ABB has completed its previously announced acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd., Shanghai. Terms of the transaction were not disclosed.
Since its establishment in 2009, 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.