ABB launches world’s fastest charger to connect to booming electric car market

ZURICH, Sept. 30 (Reuters) – ABB (ABBN.S) has launched the world’s fastest electric car charger, the Swiss engineering company said Thursday, to meet growing demand for electric cars made by Tesla ( TSLA.O), Hyundai (005380.KS) and other car manufacturers.

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

The device can charge up to four vehicles at a time and can fully charge any electric car in 15 minutes, ABB said, making it attractive to customers worried about charging times of up to several times. time.

“As governments around the world write public policies that promote electric vehicles and charging networks to tackle climate change, the demand for electric vehicle charging infrastructure, especially fast, convenient and fast charging stations. easy to use, is higher than ever, ”said Frank Muehlon. , president of ABB’s E-mobility division.

Globally, the number of registered electric vehicles increased by 41% in 2020 to 3 million cars, despite the pandemic-related drop in the total number of new cars sold last year, according to the International Agency Energy.

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

ABB’s Terra 360, which can deliver a charge giving 100 km (62 miles) of range in less than three minutes, will be available in Europe by the end of the year. The United States, Latin America and Asia-Pacific regions are expected to follow in 2022.

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

ABB chief executive Bjorn Rosengren said in July that investor documents for the IPO of its electric vehicle charging business will be ready in the fourth quarter of this year, with a possible IPO slated for early 2022.

He is keen to retain a controlling stake in the company, which reported 2020 sales of $ 220 million, but is seeking funds to help acquire software and hardware companies and attract capital for rapid growth.

Yet no final decision on the float has been made. Read more

Reporting by John Revill; edited by Brenna Hughes Neghaiwi and Emelia Sithole-Matarise

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