ABB Acquires Big Stake In EV Charging Solution Provider Numocity

ABB, a Swedish-Swiss technology company that offers electric vehicle charging solutions, announced that its E-mobility division has acquired a big stake in a Bengaluru-based startup Numocity.

ABB has already made an initial investment of seven percent as part of seed-stage venture capital funding three years ago and will increase its shareholding to a majority of 72 percent. The company has the right to become the sole owner by 2026. The financial terms of the transaction have not been disclosed.

Founded in 2018, Numocity 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 also monitors the impact of energy used on the electricity grid.