ABB completed the acquisition of Chinese Chargedot
Provider of digital transformation solutions to industries in more than 100 countries ABB is continuing its ambitious expansion strategy after acquiring InCharge Energy by increasing its majority stake in Chinese EV provider Chargedot.
Established in 2009, Chargedot is an essential player in the EV transformation in China as it provides AC and DC charging stations. Chargedot also offers software solutions for EV manufacturers, EV charging network operators and real estate developers.
By increasing its majority stake in Chargedot from 67% to 80%, ABB aims to strengthen its influence in the Chinese market by building stronger ties with local EV manufacturers. Chargedot will also serve to broaden the e-mobility portfolio of ABB through its hardware and software capabilities.
China is a critical EV market, being the biggest EV market globally with 3.5 million vehicles sold in 2021.
Win-win in the EV market
President of ABB's e-mobility division, Frank Muehlon, says the growing investment in China will help them meet the demands of high-power charging solutions and help Chinese OEM's with their export strategies.
Chargedot also benefits from the expertise of ABB, achieving sustainability in providing hardware and software solutions and increasing innovation in the Chinese EV market.
Photo of ABB charging stations, courtesy of ABB.