Controlling Stake in Numocity Acquired by ABB

It looks to increase its shareholding to a controlling majority of 72 percent and has the right to become the sole owner by 2026.

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In order to strengthen its E-mobility position in Asia and Middle East, ABB has acquired a controlling strike in Numocity. It looks to increase its shareholding to a controlling majority of 72 percent and has the right to become the sole owner by 2026. However, financial terms of the transaction were not disclosed.

The demand continues to increase for charging solutions for two and three-wheelers, cars and light commercial vehicles. India, South East Asia and the Middle East are target regions for Numocity as well. The company offers a cloud-based digital platform allowing consumers and fleet operators to use a network of fixed chargers or in simple words, “pay as you go” basis. Monitoring the impact of energy use on the electricity grid is also available. 

“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,” said Frank Muehlon, CEO of ABB E-mobility. 

Ravikiran Annaswamy, CEO of Numocity, added: “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.” 

ABB already made an initial investment of seven percent as part of seed stage venture capital funding three years ago. 


 

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