ABB launches the world’s fastest electric car charger


The logo of the Swiss energy technology and automation group ABB is seen at a factory in Baden, Switzerland, January 28, 2019. REUTERS / Arnd Wiegmann / File Photo

ZURICH, Sept. 30 (Reuters) – ABB (ABBN.S) has launched the world’s fastest electric car charger, the Swiss engineering company said Thursday, as it continues its plans to split the company which could be valued at around $ 3 billion. . Read more

The company’s new Terra 360 modular charger can charge up to four vehicles at a time and can fully charge any electric car in 15 minutes, the company said.

The device, which can offer 100 km of range in less than 3 minutes, will be available in Europe and the United States by the end of the year, he added. Latin America and Asia-Pacific regions are expected to follow in 2022.

Chief Executive Officer Bjorn Rosengren said in July that investor documents for the spin-off of its electric vehicle charging business would be ready in the fourth quarter of this year, with a possible IPO slated for early 2022.

ABB has seen growing demand for chargers and has sold more than 460,000 electric vehicle chargers in more than 88 markets since entering the electric mobility business in 2010.

He wants to retain a controlling stake in the electric charging business, but is looking for a spin-off company to help acquire software and hardware companies and attract capital for rapid growth.

Reuters reported that ABB’s vehicle recharging business, which posted sales of $ 220 million in 2020, could reach a valuation of around $ 3 billion in a float. Read more

Reporting by John Revill; edited by Brenna Hughes Neghaiwi

Our Standards: Thomson Reuters Trust Principles.

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