ABB completes Chargedot deal as it restricts AGM
ABB has completed its acquisition of a majority stake in electric vehicle charger maker Chargedot Shanghai New Energy Technology. The deal was announced on October 28, 2019.
Established in 2009, Chargedot in Shanghia supplies AC and DC charging stations, as well as software to EV makers, charging network operators and property developers. It has approximately 205 employees and its other shareholders include Shanghai SAIC Anyo Charging Technology, a subsidiary of Chinese car maker SAIC.
The acquisition is expected to further strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements as well as service offerings. ABB is itslef a supplier of EV charging systems.
ABB is also restricting its Annual General Meeting next week as a result of the Covid-19 coronavirus outbreak. Shareholders are not allowed to attend in person and are requested to vote via independent proxy. The AGM will not have any addresses by the Chairman and senior management, and will not be webcast either.
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