ABB, a leading global firm that energises the transformation of society and industry to achieve a more productive and sustainable future, have announced that it’s acquiring a controlling stake in Numocity.
Numocity is a leading digital platform for electric vehicle (EV) charging in India. ABB will increase its shareholding to a controlling majority of 72 percent and has the right to become sole owner by 2026.
The transaction is part of ABB emobility’s overall growth strategy. It will significantly improve its position across India, as well as South East Asia and the Middle East. These are target regions for Numocity given the increasing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
Numocity, based in Bangalore, India was founded in 2018 and is a market leader in India’s electric vehicle (EV) charging sector. It offers 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. ABB already made an initial investment of seven percent as part of seed-stage venture capital funding three years ago.
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.”
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 monetisation and management of EV energy infrastructure.”
ABB is a world leader in electric vehicle charging solutions. It is also the partner of choice for the world’s biggest electric vehicle original equipment manufacturers (OEMs) and nationwide EV charging network operators.
The company has sold more than 680,000 electric vehicle chargers across more than 85 markets. This includes over 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot. Earlier this year, ABB increased its majority stake in Chinese charging provider Chargedot to 80 percent.