Acquisition of Numocity strengthens ABB E-mobility’s position in Asia and Middle East.
27 May 2022 | 6584 Views | By Autocar Professional Bureau
ABB's e-mobility division has agreed to acquire a controlling stake in Numocity, a digital platform for electric vehicle charging in India. ABB will increase its shareholding to a controlling majority of 72 percent and has the right to become the sole owner by 2026. However, financial terms of the transaction ...
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ABB's e-mobility division has agreed to acquire a controlling stake in Numocity, a digital platform for electric vehicle charging in India. ABB will increase its shareholding to a controlling majority of 72 percent and has the right to become the sole owner by 2026. However, financial terms of the transaction were not disclosed.
ABB had already made an initial investment of seven percent as part of seed stage venture capital funding three years ago. The transaction is part of ABB E-mobility’s overall growth strategy and is expected to significantly improve its position across India, as well as South East Asia and the Middle East – target regions for Numocity given increasing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
Frank Muehlon, CEO of ABB E-mobility said: “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.”
Speaking on the partnership, Ravikiran Annaswamy, CEO of Numocity, added: “Our dedicated team is proud to be expanding its cooperation with ABB to offer secure, stable and seamless digital platforms for the monetization and management of EV energy infrastructure.”
Founded in 2018 and based in Bengaluru, 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.
ABB has already sold more than 680,000 electric vehicle chargers across more than 85 markets; over 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot.