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Swiss tech company ABB acquires controlling stake in Bengaluru-based EV firm Numocity

Swiss tech company ABB acquires controlling stake in Bengaluru-based EV firm Numocity

Numocity was founded in 2018 and offers a cloud-based digital platform allowing consumers and fleet operators to use a network of fixed chargers or battery swapping solutions on a “pay as you go” basis.

ABB acquires controlling stake in Numocity/Representational image ABB acquires controlling stake in Numocity/Representational image

Zurich-based technology company ABB announced on Thursday that its e-mobility division has agreed to acquire a controlling stake in Bengaluru-based digital platform for electric vehicle charging, Numocity. ABB will increase its shareholding to a controlling majority of 72 per cent for an undisclosed sum. It will have the right to become the sole owner by 2026. It had already invested in the company as part of its seed funding round three years ago. 

ABB, in a statement, added that the transaction is part of its e-mobility’s growth strategy and will significantly improve its position across India, South East Asia and the Middle East, given the increasing demand for two- and three-wheeler, car and commercial vehicle charging solutions. 

Numocity was founded in 2018 and offers a cloud-based digital platform allowing consumers and fleet operators to use a network of fixed chargers or battery swapping solutions on a “pay as you go” basis. It can also monitor the impact of the energy use on the electricity grid. 

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 monetisation and management of EV energy infrastructure.”

ABB provides EV charging solutions and has come of the world’s biggest electric vehicle OEMs and nationwide EV charging network operators as its partners. It has sold more than 680,000 electric vehicle chargers across more than 85 markets, over 30,000 DC fast chargers and 650,000 AC chargers. 

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