ABB boosts majority stake in EV charging provider Chargedot

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

ABB Ltd (ABBN) said earlier this week it had expanded its majority stake in Chinese electric vehicle charging provider Chargedot from 67% to 80%.

The deal comes as part of ABB E-mobility’s growth strategy and is expected to speed up the expansion of its portfolio to include turnkey EV infrastructure solutions to private and public commercial fleets, EV manufacturers, ride-share operators, municipalities as well as commercial facilities owners.

However, the financial details of the transaction remained undisclosed.

The other shareholder, which owns a 20% stake, is Shanghai SAIC Anyo Charging Technology Co, a subsidiary of Chinese vehicle maker SAIC.

As of 8:29 GMT on Wednesday the shares of ABB Ltd were gaining 0.87% (CHF 0.28) on the day to trade at CHF 32.42 in Zurich.

Yesterday ABB Ltd shares closed higher for a second straight trading session in New York, up 1.18% to $35.18.

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