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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 - Chargedot.com / ABB.com
ABB Completes Acquisition of Chinese EV Charging Provider Chargedot

 

PRZOOM - /newswire/ - Zurich, Switzerland, 2020/03/17 - 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 - Chargedot.com / ABB.com. ABBN: SIX Swiss Ex

   
 
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Since its establishment in 2009, Shanghai-based Chargedot (chargedot.com) 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 (abb.com) 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.

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.

Investor Relations: P: +41 43 317 71 11 - E: investor.relations[.]ch.abb.com.

 
 
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Agency / Source: ABB Robotics / ABB Ltd

 
 

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ABB Completes Acquisition of Chinese EV Charging Provider Chargedot

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Chargedot | ABB
Contact: Press Office - ABB.com 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ABB Robotics / ABB Ltd securities in any jurisdiction including any other companies listed or named in this release.

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