Technology company ABB today announced it has increased its majority stake in Chinese EV charging provider Chargedot Shanghai New Energy Technology to 80%.
ABB had previously acquired a 67% stake in Chargedot in March 2020. The additional investment is part of ABB E-mobility’s growth strategy and intends to strengthen ABB’s position in the Chinese e-mobility market.
China recorded the highest number of EV sales globally in 2021 for the seventh consecutive year, with more than 3.5 million EVs sold; a 1.6-fold increase on 2020.
Frank Muehlon, president of ABB’s E-mobility division, said: “Since ABB’s acquisition in 2020 we have seen strong double-digit growth in the Chargedot business.
“Looking ahead, Chinese demand for high-power charging solutions and export strategies for Chinese OEM’s are both showing significant growth.
“With this we see strong opportunities to leverage our global experience to further support our Chinese customers and increase market share.”
Following ABB’s acquisition two years ago, Chargedot has supplemented its AC charging business with ABB innovations in high-power, liquid cooled charging and smart, load management technology.
With this latest investment, ABB is one of two shareholders in Chargedot alongside Shanghai SAIC Anyo Charging Technology, a subsidiary of one of China’s largest vehicle manufacturers, SAIC, which retains a 20% stake.
