ABB acquires a controlling stake in Bangalore based Numocity
ABB announced that its E-mobility division has agreed to acquire a controlling stake in Numocity, a digital platform for electric The post ABB acquires a controlling stake in Bangalore based Numocity appeared first on EVreporter.
ABB announced that its 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 per cent and has the right to become sole owner by 2026. The financial terms of the transaction were not disclosed. The transaction is part of ABB E-mobility’s overall growth strategy and will significantly improve its position across India, as well as South East Asia and the Middle East – target regions for Numocity given the increasing demand for charging solutions for 2Ws and 3Ws, cars and light commercial vehicles – said a company statement.
Founded in 2018 and based in Bangalore, 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 already made an initial investment of seven per cent as part of seed-stage venture capital funding three years ago.
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.”
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.”
ABB is a leading EV charging solutions provider, having 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.
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The post ABB acquires a controlling stake in Bangalore based Numocity appeared first on EVreporter.