ABB Completes Acquisition of Chinese EV Charging Provider Chargedot
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 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 144,000 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 expects, and other similar terms. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee 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, 2019. ABB undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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