ABB launches world’s fastest charger to plug into surging e-car market

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ZURICH (Businesshala) – ABB has launched the world’s fastest electric car charger, the Swiss engineering company said on Thursday, to meet growing demand for electric cars made by Tesla, Hyundai and other automakers.

FILE PHOTO: The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File Photo

The company is launching the new Terra 360 modular charger as it moves forward with plans to launch its electric vehicle (EV) charging business, which could be valued at around $3 billion.

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ABB said the device can charge up to four vehicles simultaneously and fully charge any electric car in 15 minutes.

“Governments around the world are writing public policy that supports electric vehicles and charging networks to combat climate change, demand for EV charging infrastructure, especially charging stations that are fast, convenient and easy to operate, more than ever,” said Frank Muhlon. , President of ABB’s E-Mobility Division.

Despite the pandemic-related slowdown in the total number of new cars sold last year, the number of registered electric vehicles globally rose 41% during 2020 to reach 3 million cars, according to the International Energy Agency.

The IEA said the growth trend has accelerated in 2021, with sales of electric cars increasing by 140% in the first three months of the year.

ABB’s Terra 360, capable of delivering a range of 100 kilometers (62 mi) in less than three minutes, will be available in Europe by the end of the year. The United States, Latin America and the Asia Pacific region are to follow in 2022.

ABB declined to give a price range for the product, which is aimed more at commercial customers such as fueling stations, shops and companies, rather than the private garages of motorists.

ABB chief executive Björn Rosengren said in July that investor material for the IPO of its electric vehicle charging business would be ready in the fourth quarter of this year, with potential flotation targeting early 2022.

It wants to keep a controlling stake in the business, which had sales of $220 million in 2020 — but is looking for a float to help it acquire both software and hardware companies and attract capital for accelerated growth.

Still, no final decision has been taken on the float.

Reporting by John Reville; Editing by Brenna Hughes Neghavi and Amelia Sithol-Mataris

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