New Delhi:Global technology company ABB today announced that its E-mobility division acquired 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% and has the right to become sole owner by 2026, a company statement said.
However, 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 two and three-wheelers, cars, and light commercial vehicles.
Frank Muehlon, CEO, 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.”
Founded in 2018 and based in Bangalore, India, Numocity is a market leader in India’s EV charging sector, offering 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, it said.
ABB already made an initial investment of 7% percent as part of seed-stage venture capital funding three years ago.
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 also a provider of EV charging solutions and the partner of choice for the electric vehicle OEMs and nationwide EV charging network operators. The company 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, including those sold through Chargedot, it added.