To strengthen its position in E-mobility in Asia and the Middle East, ABB has won a dominant strike in Numocity. It plans to increase its stake to a dominant majority of 72% and is entitled to become the sole owner by 2026. However, the financial terms of the transaction have not been disclosed.
Demand continues to grow For charging solutions for motorcycles and tricycles, automobiles and light commercial vehicles. India, Southeast Asia and the Middle East are also covered by Numocity. The company offers a cloud-based digital platform that consumers and fleet operators can use with a network of fixed chargers, or simply “pay-as-you-go.” It is also possible to monitor the impact of energy use on the power grid.
“We are pleased to be able to expand our presence in the fast-growing Indian market while at the same time expanding our offering of EV charging infrastructure. Zero Emission Mobility will play an important role in the Government of India’s efforts to reduce carbon emissions. Yes, but the wider area is a hotbed of digital expertise, “said Frank Muron, CEO of ABBE-Mobility.
Ravikiran Annaswamy, CEO of Numocity, said:
ABB has already made a 7% initial investment as part of its seed stage venture capital financing three years ago.
https://www.electronicsb2b.com/acquisition-merger/controlling-stake-in-numocity-acquired-by-abb/ Management of Numocity’s investment ratio acquired by ABB