ZURICH, Switzerland-Monday 28 October 2019 [ AETOS Wire ]
(BUSINESS WIRE) --
ABB is to acquire a majority stake of 67 percent in Shanghai Chargedot
New Energy Technology Co., Ltd. (“Chargedot”), a leading Chinese
e-mobility solution provider. The transaction is expected to be
completed in the coming months and ABB has the possibility to increase
its stake further in the next three years.
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 185 employees and its other shareholders among
others include Shanghai SAIC Anyo Charging Technology Co., Ltd., a
subsidiary of SAIC.
Chargedot
is a natural fit for ABB, which as a global leader in sustainable
transportation infrastructure, already offers solutions from grid
distribution to charging points for cars and trucks, as well as for the
electrification of ships, railways, trams, buses and cable cars. The
acquisition will 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. ABB Robotics is the leading supplier of robot units and
software to the assembly lines of Chinese EV manufacturers.
“This
investment is a further demonstration of ABB’s commitment to enabling
sustainable mobility,” said Tarak Mehta, President of ABB's
Electrification business. “With China forging ahead in the development
of a comprehensive e-mobility ecosystem, this acquisition will give ABB a
significant role in delivering growth, working closely with SAIC and
other leading Chinese car manufacturers.”
“Chargedot
was one of the first high-tech enterprises in China to focus on new
energy vehicle charging solutions. By joining with ABB, we will be
positioned strongly to make the next big leap forward,” said Mao
Chunhua, CEO of Chargedot.
The
outlook for the global e-mobility infrastructure market is growing.
Grand View Research, Inc. forecasts the Asia Pacific region is expected
to show the highest growth in this market. China already boasts the
largest fleet of electric vehicles worldwide at 2 million, with
consumers supported by a government-backed incentive scheme.
ABB
has unrivalled expertise in delivering solutions for safe, smart and
sustainable electrification. Its partnership with the ABB FIA Formula E
Championship serves as a global platform to test and develop
e-mobility-relevant electrification and digitalization technologies,
pushing the boundaries of e-mobility for a noise and emission free
future. There will be an ABB Formula E race taking place in Sanya,
China, on March 21, 2020.
Key
to achieving this vision, ABB’s comprehensive e-mobility portfolio
spans EV charging technology and supporting energy distribution
solutions. ABB has sold more than 11,000 DC fast-charging points across
76 countries worldwide.
Within
China, ABB has been working with BYD and Daimler since 2016, supplying
its DC Wallbox units for charging Denza electric vehicles. The company
is also a supplier of DC fast charging solutions to electric vehicle
manufacturers including NIO and to operators such as BP/ifuel 66.
ABB (ABBN:
SIX Swiss Ex) is a technology leader that is driving the digital
transformation of industries. With a history of innovation spanning more
than 130 years, ABB has four customer-focused, globally leading
businesses: Electrification, Industrial Automation, Motion, and Robotics
& Discrete Automation, supported by the ABB Ability™ digital
platform. ABB’s Power Grids business will be divested to Hitachi in
2020. ABB operates in more than 100 countries with about 147,000
employees. www.abb.com
Important notice about forward-looking information
This
press release contains forward-looking statements relating to the
acquisition of Chargedot by ABB. Such forward-looking statements can be
identified by words such as plans, intends, expects, and other similar
terms. Such forward-looking statements are based on current expectations
and involve inherent risks and uncertainties, including factors that
could delay, divert or change any of them, and could cause actual
outcomes and results to differ materially from current expectations. No
forward-looking statement can be guaranteed. Among other risks, there
can be no guarantee that the acquisition will be completed, or if it is
completed, that it will close within the anticipated time period or that
the expected benefits of the acquisition will be realized.
Forward-looking statements in the press release should be evaluated
together with the many uncertainties that affect ABB's business,
particularly those identified in the cautionary factors discussion in
ABB's Annual Report on Form 20-F for the year ended December 31, 2018.
ABB undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or
otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191028005290/en/
Contacts
ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
Media Relations
+41 43 317 71 11
media.relations@ch.abb.com
Investor Relations
+41 43 317 71 11
investor.relations@ch.abb.com
