| 10:38 AM EST

ABB Acquires Chinese EV Charging Specialist

Swiss engineering and robotics giant ABB Group has agreed to purchase 67% of Chargedot New Energy Technology Co., which supplies charging systems for electric vehicles.
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Swiss engineering and robotics giant ABB Group has agreed to purchase 67% of Chargedot New Energy Technology Co., which supplies charging systems for electric vehicles.

Terms of the deal weren’t disclosed. ABB says it may increase its stake in the Chinese company within the next three years.

Formed in 2009, Shanghai-based Chargedot supplies AC and DC charging units and related software to charging station operators, carmakers, real estate owners and other businesses. A unit of Chinese carmaker SAIC Motor Corp. is a minority shareholder in Chargedot.

ABB says the acquisition complements its own charging system and vehicle electrification technologies. The company has sold more than 11,000 DC fast-charging devices worldwide. In China, it works with Nio and the BYD-Daimler joint venture that markets EVs under the Denza brand.

Spurred by government-backed incentives, China has more than 2 million EVs on the road that are supported by 466,000 charging points across the country. As many as 4.8 million charging points are forecast to be in operation in China by the end of 2021.

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