Switzerland-based multinational corporation, ABB has launched an innovative electric vehicle (EV) charger, which offers the world’s fastest electric car charging experience.
The company’s new Terra 360 is a modular charger that can charge up to four vehicles, simultaneously, with dynamic power distribution. The new launch is in line with ABB’s plan to float its EV charging business, which could be valued at around $3 billion.
The new charger has a maximum output of 360 kilowatts (kW) and is capable of fully charging any EV in 15 minutes or less, meeting the needs of a variety of EV users.
“With governments around the world writing public policy that favors electric vehicles and charging networks to combat climate change, the demand for EV charging infrastructure, especially charging stations that are fast, convenient, and easy to operate, is higher than ever,” said Mr. Frank Muehlon, President of ABB’s E-mobility Division.
According to the International Energy Agency (IEA), globally the number of EVs registered increased by 41 percent during 2020 to 3 million cars, despite the pandemic-related downturn in the total number of new cars sold last year. The growth trend has accelerated in 2021, with EV sales rising by 140 percent in the first three months of the year.
ABB’s Terra 360, which can deliver a charge giving 100 km of range in less than three minutes, will be available in Europe by the end of the year. The US, Latin America and the Asia Pacific regions are due to follow in 2022.
ABB declined to give a price range for the product, which is aimed more at business clients like fuelling stations, stores and companies rather than the private garages of motorists.
In July, ABB Chief Executive Mr. Bjorn Rosengren said that investor materials for the IPO of its EV charging business will be ready in the fourth quarter of this year, with a potential flotation targeted for early 2022. However, no final decision on the float has been made.
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