Bengaluru
ABB on Wednesday said its e-mobility division has agreed to acquire a controlling stake in Numocity, a digital platform for electric vehicle (EV) charging in India.
ABB would increase its shareholding to a controlling majority of 72% in Numocity and gain the right to become the sole owner of it by 2026, ABB said in a statement.
ABB picked up 7% stake as part of seed-stage venture capital funding in Numocity three years ago.
The transaction was part of ABB E-mobility’s overall growth strategy and would significantly improve its focus on setting up charging solutions for two and three-wheelers, cars and light commercial vehicles across India, South East Asia and the Middle East, it said.
Founded in 2018, the Bengaluru-based Numocity offers a cloud-based digital platform that allows consumers and fleet operators to use a network of fixed chargers or battery-swapping solutions on a “pay as you go” basis. The platform is also able to monitor the impact of energy use on the electricity grid, as per the release.
The financial terms of the transaction were not disclosed.
Frank Muehlon, CEO of ABB E-mobility said: “We are delighted to expand our presence in the burgeoning Indian market while also enlarging our offering in EV charging infrastructure. Zero-emission mobility will play a key role in the Indian government’s efforts to reduce carbon emissions, while the wider region is a hotbed of digital expertise.”
Globally, ABB also offers EV charging solutions and works with the world’s biggest electric vehicle OEMs and EV charging network operators. The company sold over 6,80,000 electric vehicle chargers, more than 30,000 DC fast chargers and 650,000 AC chargers in 85 markets, according to the firm.
Published - May 25, 2022 08:58 pm IST
