ABB acquires controlling stake in EV charging digital platform Numocity
Swiss automation company ABB, through its E-mobility unit, has agreed to acquire a controlling stake in Bengaluru-based Numocity, which has developed a digital SaaS platform for energy delivery to electric vehicles (EVs) in India.
The financial terms of the deal were not disclosed.
ABB said that it will increase its stake in the EV charging digital platform to 72% and is entitled to execute a takeover by 2026.
According to ABB, the deal is part of its E-mobility division’s overall growth strategy and will considerably boost its position in India, South East Asia, as well as the Middle East, which are the target regions for Numocity.
Frank Muehlon — ABB E-mobility CEO 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.”
Established in 2018, Numocity provides a cloud-based digital platform that enables consumers and fleet operators in utilizing a network of fixed chargers or battery swapping solutions on the basis of “pay as you go”.
Numocity’s digital EV charging platform can also track the impact of energy use on the power grid.
Three years ago, ABB made an initial investment of 7% in Numocity as part of seed stage venture capital funding.
Ravikiran Annaswamy — Numocity CEO said: “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.”