ABB E-Mobility found new investors Monday to help fund the company’s EV charging growth strategy, including luxury automaker Porsche.
Porsche expands EV charging portfolio with ABB investment
After entering the e-mobility market in 2010 with its first 50 kW charger, ABB has grown into a leading EV charging company. The company recently sold its one millionth EV charger as it works to enable an emissions-free future with operators like Electrify America.
The company has more than doubled its production capacity over the past two years, launching a $30 million facility in Valdarno, Italy, in 2022. The state-of-the-art facility can produce a DC fast charger every 20 minutes.
In addition, ABB announced it would spend $4 million to open an EV charging facility in South Carolina this past September, which began production at the beginning of 2023.
ABB E-Mobility claims to have some of the fastest EV charging speeds, with its Terra 360 capable of delivering 100 kilometers (about 62 miles) range in less than three minutes.
Meanwhile, Porsche looks to claim its position as the auto industry transitions to electric. The luxury automaker produced its 100,000th Porsche Taycan EV model in November as it strives for 80% of its sales to be electric by 2030.
To help achieve its goal, Porsche said it would invest in “premium charging stations together with partners.” It seems Porsche has found its latest EV charging partner in ABB e-mobility.
In a press release today, Porsche revealed it had invested an unspecified “double-digit million euro amount” in EV charging leader ABB.
Lutz Meschke, board member responsible for investment management at Porsche SE, commented on the new stake, saying:
With the fast growth that we are seeing in electromobility, the need for the expansion of the corresponding charging infrastructure is increasing. We expect that the demand for chargers will continue to increase rapidly in the years to come. As a leading provider of charging solutions for electric vehicles, ABB E-mobility will participate significantly in this market growth.
The total private placements amount to around 525 million Swiss francs (about $573 million) that ABB plans to use to accelerate organic growth. The transaction is the second and final phase of ABB E-Mobility’s pre-IPO placement of newly issued shares and is expected to close this month.
FTC: We use income earning auto affiliate links. More.