Swiss engineering company ABB announced Thursday that it had rolled out the world's fastest electric car charger, as it pushes forward with plans to spin off the company, which could be worth $3 billion.
The Terra 360 from ABB is a modular charger that can charge up to four vehicles at once with dynamic power distribution. This means that if someone else is already charging ahead of them, they will not have to wait. They just connect to a different plug.
By the end of the year, the device -- which can give 100 kilometers of range in under three minutes -- will be available in Europe and the United States, ABB said.
Next year, the regions of Latin America and Asia Pacific will be added.
Bjorn Rosengren, the company's chief executive officer, indicated in July that investor documents for the spin-off of its electric vehicle charging business will be ready in the fourth quarter of this year, with a possible initial public offering early next year.
"It's an exciting day for ABB, who is playing a major role in allowing a low-carbon society as the global leader in electric vehicle rapid charging," said Theodor Swedjemark, ABB's Chief Communications and Sustainability Officer.
E-mobility is important to attaining the Paris climate objective, as road transport accounts for approximately a fifth of worldwide carbon emissions, the company said.
Swedjemark added that they will also "lead by example by replacing our complete fleet of over 10,000 vehicles to non-emitting vehicles."
Since entering the e-mobility market in 2010, ABB has sold more than 460,000 electric vehicle chargers across 88 markets.
The company intends to preserve a majority position in the electro-charging enterprise, but wants to spin it off to help with acquisitions of both software and hardware companies, as well as provide funds for rapid expansion.
Terra 360 chargers can be customized to the clients' liking. Customers can "brand" the chargers by adding different foiling or changing the color of the LED light strips to customize the look.
Frank Muehlon, President of ABB's E-mobility Division, said the Terra 360, with charging options to suit a variety of needs, is the key to meeting demand and boosting worldwide e-mobility adoption.
