Swiss engineering group ABB completed the purchase of a majority stake in Chargedot Shanghai New Energy Technology Co., a Chinese supplier of EV battery charging facilities.
The deal will strengthen its ties with leading Chinese EV makers and broaden its e-mobility portfolio and service offerings in China, ABB said, without disclosing the transaction price.
The acquisition was first announced in October 2019, under which ABB expected to purchase a 67 percent stake in Chargedot.
Chargedot, based in Shanghai and incorporated in 2009, builds charging stations and poles as well as develops software for EV manufacturers, EV charging network operators and real estate developers.
The company has about 205 employees, and its other shareholders include Shanghai SAIC Anyo Charging Technology Co., an EV charging network operator under state-owned Chinese automaker SAIC Motor Corp.