ABB, a leading electric vehicle (EV) charging company, has recently sold its one millionth EV charger and is working towards a future without emissions. Over the past two years, the company has expanded its production capacity with a new facility in Valdarno, Italy that can produce a DC fast charger every 20 minutes. In September 2022, ABB announced plans to invest $4 million in an EV charging facility in South Carolina, which started production in 2023. ABB E-Mobility boasts some of the fastest charging speeds with its Terra 360 capable of providing a range of 100 kilometers in less than three minutes.
Luxury automaker Porsche is also positioning itself in the growing electric market and aims for 80% of its sales to be electric vehicles by 2030. To support this goal, Porsche has invested in premium charging stations, including a recent investment in ABB E-Mobility. The automaker has invested a “double-digit million euro amount” in ABB as part of a pre-IPO placement of newly issued shares. The total private placement is approximately 525 million Swiss francs and is expected to close this month, with ABB using the funds to boost organic growth.