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ABB Sees More Than 100% Growth in EV Charging Infrastructure

Motley Fool - Thu Jun 2, 5:00AM CDT

In an interview from Motley Fool Live, recorded on May 18, Fool.com contributor Rachel Warren and ABB(NYSE: ABB) CEO Björn Rosengren discuss the company's new electric car charger and how it could be a gamechanger for ABB and getting more consumers to switch to EVs.

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Rachel Warren: Late last year, ABB launched the world's fastest electric car charger. How fast do you see adoption of EVs globally at this point? How critical is charging infrastructure to meet those goals?

Björn Rosengren: It's of course essential. If the infrastructure is not in place, it's going to be not efficient enough to drive with the electric vehicles. We know the battery length is the key for the future and also fast charging. We've been operating in this EV charging market for quite some years and we have taken a leading position here.

We are putting quite a lot of efforts, both in new product development to find the fastest charges in the market where you actually can in 20 minutes more or less fill up a battery from some of the vehicles that are available today. This is growing very fast and here we see many different companies building this up. It's everything from new start-ups, but also many of the energy companies like the big one, like Shell(NYSE: SHEL) and the other players are in all their gas stations around the world. They are also offering good charging infrastructure for the future. We've seen good growth in this.

During the last year, it was more than 100% growth in this business so it is exciting, but also challenging to be on the top. That's also one of the reasons why we decided to make an IPO of part of this business to get in some fresh capital that can be invested in accelerated growth. But also make sure that the governance is for really growing fast also in the future.

Rachel Warren has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ABB. The Motley Fool has a disclosure policy.

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