Switzerland-based ABB's E-Mobility division has acquired a controlling stake in Bengaluru-based digital platform for electric vehicle charging, Numocity. ABB will increase its shareholding to a controlling majority of 72%. It will have the right to become the sole owner by 2026. It had already invested in the company as part of its seed funding round three years ago.
This is part of ABB E-mobility’s overall growth strategy and will significantly improve its position across India, as well as South East 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.
Numocity, which was founded in 2018, offers a cloud-based digital platform that provides users 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.
Numocity provides end-to-end EV infra solutions
Frank Muehlon, CEO of ABB E-mobility said: "We are delighted to expand our presence in the burgeoning Indian market, while also enlarging our offering in EV charging infrastructure. 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."
Ravikiran Annaswamy, CEO of Numocity, said: "Our dedicated team is proud to be expanding its cooperation with ABB to offer secure, stable and seamless digital platforms for the monetization and management of EV energy infrastructure."
ABB is one of the leaders in EV charging solutions and has sold more than 680,000 electric vehicle chargers across more than 85 markets; over 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot.
Numocity's areas of activity include Charge Point Operators (CPO), electric vehicle fleet operators, and battery swap operators. It also provides its technology platform for automotive companies for home and public charging. The startup is focused on providing end-to-end solutions for electric mobility infrastructure. The company has a middleware platform that can provide various use cases like fixed charging infrastructure, battery swap management, and actionable intelligence for fleet management for the electric mobility infrastructure.
Numocity's middleware platform handles all the complexity of inter-working between electric grid, charging infrastructure and battery, to deliver a seamless and simple experience for EV users.
