ABB Group launches superfast Terra 360 modular charger

ABB Group has launched what is being claimed as the world's fastest electric car charger for e-cars manufactured by Tesla, Hyundai and others.

The company is now launching the new Terra 360 modular charger to boost its electric vehicle (EV) charging business to about $3 billion.

In a single go, the charger can charge up to four vehicles, with charging e-cars fully within 15 minutes. It said that the facility makes it attractive for EV owners who are worried about the charging times, which can take several hours.

President of ABB's E-mobility Division, Frank Muehlon, said that the governments writing policies to favour EVs and charging networks to oppose climate change, the demand is surging for electric charging stations that are easy-to-use, fast and convenient.

According to the International Energy Agency (IEA), despite the Covid-19 pandemic, in 2020, the total registrations increased by 41% to three million e-cars. IEA said that the growing trend of EVs has increased in 2021, with e-car sales rising by 140% in the first three months of 2021.

ABB's Terra 360 can charge, giving a 100 km range in less than three minutes, which will be made available in Europe by the end of this year, followed by the US, Asia Pacific region and Latin America in 2022.

ABB has not mentioned the price range of the product, which is focused more on business clients such as fuel stations, stores and firms rather than private garages.

The Chief Executive of ABB, Bjorn Rosengren, has said that the investor material for the Initial Public Offering (IPO) for the EV charging business will be ready in the fourth quarter (Q4) of 2021, with a potential flotation target for early 2022.

The company wanted to control the stake in the charging business, which witnessed sales of $220 million in 2020 but sought help with the acquisition of software and hardware firms to attract capital growth.

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