With electric vehicles gaining in popularity, the demand for charging solutions is also soaring. Switzerland based, ABB Ltd. (ABB) has been offering fast charging solutions to the globe. ABB’s latest Terra SmartConnect is a step further in the process.
Terra SmartConnect is a member of ABB’s established Terra charging solutions family. The Terra SmartConnect, which will be available in the North American markets in the second quarter 2013, will be useful for fast charging of electric vehicles in commercial areas.
The efficiency of the Terra SmartConnect can be ascertained by the fact that it can charge 30% to 80% battery of the currently available electric vehicles in less than half an hour. Another important fact about the Terra SmartConnect is that it can integrate well with the existing alternating current (:AC) networks, thereby reducing infrastructure costs.
Apart from being cost effective, the Terra SmartConnect is equipped with outdoor-rated steel housing, an eight-inch touch screen user interface and all the features of ABB Terra products. The new product is also equipped with an ultra-thin design and simple floor and wall-mount connections, making its installation easier.
ABB has been successfully tapping the growth potential of the charging industry, with the establishment of the first fast-charging station in the Netherlands in May 2010. Early this year, ABB also set up the world’s first DC charging infrastructure with a network of 170 fast chargers throughout Estonia, Europe.
ABB expects this fast growing industry to reach roughly $1.0 billion by 2017 and $4.0 billion by 2020. We expect ABB to continue to gain market share in the future.
ABB, a global leader in power and automation technologies, currently carries a Zacks Rank #3 (Hold). Other stocks worth a look in the industrial electrical equipment industry are Capstone Turbine Corp. (CPST), Emerson Electric Co. (EMR) and Franklin Electric Co. Inc. (FELE); each carrying a Zacks Rank #2 (Buy).
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