ABB buys majority stake in Chinese electric vehicle charging company

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ZURICH (Reuters) – ABB <ABBN.S> has bought a majority stake in Shanghai Chargedot New Energy Technology Co. Ltd, a Chinese electric vehicle charging company, the Swiss engineering company said on Monday.

Chargedot, which employs 185 people, makes charging stations and software platforms to enable vehicles to be charged with electricity.

ABB, which has installed an electric vehicle charging network in Singapore among other projects, has bought a 67% stake in Chargedot with an option to increase its stake. The price of the acquisition was not disclosed.

(Reporting by John Revill, editing by Riham Alkousaa)

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