Swiss multinational company ABB, a manufacturing company offering charging and electrification solutions for electric vehicles since 2010, has formally launched its electric vehicle charger, Terra 360, which can power up to four vehicles at a time, read a company press release.
It has already sold more than 440,000 AC chargers and 21,000 DC fast chargers in 88 markets, it stated.
With the launch of the Terra 360 charger, ABB is floating its electric vehicle charging business valued at $3 billion, Reuters reported. ABB Chief Executive Bjorn Rosengren said last July that investor materials for the IPO of its electric vehicle charging business will be ready in Q4, 2021, with a potential flotation targeted for early 2022.
The design looks just like a gasoline fueling station and has a charging time of just 3 minutes for a range of 100 km, the same that you would spend filling gas in your car.
ABB seeks to roll out large-scale charging infrastructure to fueling stations, retail locations, convenience stores, and even organizations. The chargers can be customized and ‘branded,’ with options to change the colors of the LED lights and even display advertisements on a 68.5 cm screen.
ABB is also aiming to tap into organizations that own a fleet of vehicles, are unsure about switching to electric, and recognize the flexibility that the modular charging four vehicles at once brings.
The Terra 360 will be launched in Europe later this year and will be available in the US, Latin America, and Asia-Pacific regions starting 2022.
Unequal charging power
The 360 in the Terra stands for 360KW of output which is above the 250 KW offered by Tesla’s Superchargers. ABB claims that its charger can completely charge an EV battery in a maximum of 15 minutes and will “accelerate e-mobility adoption globally.”
There aren’t a lot of EVs that can handle that kind of charge. The only two approaching it are Porsche’s Taycan, with 270 KW of charging capacity, and the new Lucid Air, which allows for up to 300 KW fast-charging.
But such high charging levels aren’t necessarily great for an EV’s battery. Porsche, for instance, has a battery preservation setting on its Plug & Charge Taycan feature that lowers power to 200 KW from the maximum 270 kW allowed, essentially acknowledging that faster charging degrades the battery.
Global EV growth
Globally the number of electric vehicles registered increased by 41% during 2020 to 3 million cars, despite the pandemic-related downturn in the total number of new cars sold last year, according to the International Energy Agency.
The growth trend has accelerated in 2021, with electric car sales rising by 140% in the first three months of the year, the IEA said.