ABB Expands E-mobility Charging Infrastructure In Germany
Zacks Investment Research | Sep 20, 2017 09:48PM ET
ABB Ltd (NYSE:ABB) recently announced that it has secured an order from energy supplier EnBW to extend the charging column network on German motorways. However, the financial details of the deal were kept under wraps. Notably, the modern generation of charging columns is connected to the Internet through a cloud solution that facilitates cashless payments. The company is also expected to deliver an extra 117 rapid-charging columns at the locations of service station operator Tank & Rast by the end of the year.
The Deal
Per the order, ABB will install the fast-charging stations in cooperation with EnBW that will have a charging capacity of 50 kilowatts (kW), making them appropriate for service stations, highway rest stops, business locations and car dealerships. Last year, the company had clinched a deal from EnBW for 68 such rapid-charging stations with a high-charging capacity of 50 kW. The recent contract is an extension of this work which will enable the company to expand its electric mobility fast charging infrastructure in Germany.
Long-Term Prospects
As a matter of fact, ABB anticipates gaining from high investments in ultra high voltage DC power transmission projects in mature and emerging markets as well as continuing investments in maintenance of aging electric infrastructures. Positive development in the electricity value chain, rapid progress of Internet of Things Services and People (IoTSP), rapid urbanization and a surge in energy-efficient transport & infrastructure bode well for the company in the long term.
Year to date, the Zacks Rank #3 (Hold) company’s shares returned 16.8%, outperforming the Zacks Investment Research
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