ABB recently announced that its e-mobility division has agreed to acquire a controlling stake in Numocity, which will increase ABB’s shareholding to a controlling majority of 72% and has the right to become sole owner by 2026.
The transaction is part of ABB E-mobility’s overall growth strategy and will significantly improve its position across India, as well as southeast Asia and the Middle East – target regions for Numocity given increasing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.
Founded in 2018 and based in Bengaluru, India, Numocity is a market leader in India’s EV charging sector, offering 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.
Expressing his views on the acquisition, Frank Muehlon, CEO, ABB E-mobility, said, “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.”
Further, Ravikiran Annaswamy, CEO, Numocity, added, “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.”