ABB acquires 72% stake in Numocity
By MYBRANDBOOK
Swiss technology company ABB’s e-mobility division has acquired a controlling stake in Bengaluru-based Electric vehicle charging solutions startup Numocity in an undisclosed amount. With this transaction, ABB will increase its shareholding in Numocity to 72% from 7% earlier, and would gain the right to become its sole owner by 2026.
With this deal, Numocity would further expand its digital platforms offering for monetisation and management of EV energy infrastructure.The company’s cloud-based digital platform allows consumers and fleet operators to use a network of fixed chargers or battery swapping solutions on a “pay as you go” basis.
NUmocity’s investors – Ideaspring Capital and Rebright – will exit the startup following the deal with ABB. The startup had raised an undisclosed amount from Ideaspring Capital, Rebright Partners and ABB Technology Ventures (ATV) in January 2020. Its solutions are designed for DC and AC EV chargers for both two- and three-wheeler EVs and battery swapping.
Frank Muehlon, CEO of ABB E-mobility, said, “We are delighted to expand our presence in the burgeoning Indian market. 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.”
The transaction is expected to significantly improve ABB’s position across India, South East Asia and the Middle East, which are also the target markets for Numocity due to increasing demand for charging solutions for EV two-wheelers, three-wheelers, cars and light commercial vehicles.
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