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.
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
MN-PIPER-SANDLER7.8.2020 20:57:13 CEST | Press release
Piper Sandler Advises Momentive Performance Materials on the Sale of its Consumer Sealants Business to Henkel Corporation
ENA-INVESTMENT-CAPITAL7.8.2020 13:02:10 CEST | Press release
ENA Investment Capital Publishes Open Letter to Ontex Shareholders
MD-TAKEDA7.8.2020 11:30:07 CEST | Press release
Novavax and Takeda Announce Collaboration for Novavax’ COVID-19 Vaccine Candidate in Japan
CA-ANDERSEN-GLOBAL7.8.2020 10:05:05 CEST | Pressemeddelelse
Andersen Global indgår samarbejdsaftale med CFA Afrique i Burkina Faso
SES7.8.2020 07:32:11 CEST | Press release
SES S.A.: Half Year 2020 Results
CO-WESTERN-UNION6.8.2020 22:49:11 CEST | Press release
Western Union Stands in Solidarity with Lebanon
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom