The Game Changer - This Company's EV Battery Charger takes only 15 Minutes for a Full Charge

Last month a friend of mine was exploring the option of purchasing an electric variant of a popular car.

He was very keen to shift from an internal combustion engine (ICE) to an electric vehicle (EV). He was willing to pay extra for the added value of being environmentally responsible.

After a lot of research, he finally gave up his quest for going green and ended up buying the petrol variant...

I asked him what made him change his mind. He said his major concerns were being stuck on the highway with the battery running out and having to sit in a charging station for over two hours!

Electrification of transport is now one of the major trends of the 21st century. But the number one barrier to the adoption of electric vehicles is no longer just cost. It's 'range anxiety'.

But what if the experience of a driver is exactly like fuelling a petrol or diesel car?

Automakers have sought to quell these concerns by developing EVs that go farther per charge and fill up faster.

However, most public charging stations fill cars much too slowly, requiring hours not minutes to provide enough electricity for an extended trip.

Electric vehicles have been gaining popularity fast but some prospective buyers remain hesitant. One big reason is that charging EVs is slow.

Drivers are accustomed to filling their tank in less than five minutes. Depending on the size and specifications of the battery, EVs take at least 1 hour to get just 80% charged at the fastest charging stations.

Many auto experts are concerned that such prolonged waits could turn away potential EV buyers and keep them stuck on gas-burning vehicles.

Automakers have been trying to cut charging times to something close to the five or 10 minutes of a conventional gasoline fill-up.

And it's one of those things that will move the needle more toward a competitive vehicle for a lot of people, the ability to charge fast.

That's why not just the development of EV charging infrastructures but the time it takes to charge up a battery is crucial.

India is paving the way for EVs and the country is focused on reaching a high level of EV adoption by 2030.

Meet ABB's Terra 360 - the most powerful charger in the world!

Recently, technology major ABB launched its all-in-one electric vehicle (EV) charger. It claims it provides the fastest charging experience in the market.

The new Terra 360 modular charger can simultaneously charge up to four EVs with dynamic power distribution. The new charger has a maximum output of 360kW and is capable of fully charging any electric car in less than 15 minutes.

This charger could prove to be a game changer. Currently, the Tesla Supercharger takes around 30 minutes to charge up to 80% capacity.

Frank Muehlon, president of ABB E-mobility Division said, "With governments around the world writing public policy that favours EVs and charging networks to combat climate change, the demand for EV charging infrastructure - especially charging stations that are fast, convenient and easy to operate - is higher than ever. The Terra 360, with charging options that fit a variety of needs, is the key to fulfilling that demand and accelerating e-mobility adoption globally."

Its compact footprint allows it to fit in at not just fuelling stations but at any convenience stores, parking lots or retail locations where space is at a premium.

The company is all set to launch Terra 360 in different countries. It won't be long before this technology reaches India.

ABB is a world leader in fast charging solutions. It has installed more than 14,000 DC fast chargers in over 80 countries.

Since 2010, ABB has consistently invested in delivering power for the transportation of tomorrow. It's now the partner of choice for the world's biggest electric vehicle OEMs and nationwide EV charging network operators.

In 2020, ABB launched the first public DC fast charger in Delhi in association with EV Motors India for BYPL.

Since then, ABB has tied up with local partners to set up charging stations in the hospitality segment, real estate segment and public charging stations across Chennai, Coimbatore, Ludhiana, Delhi, and Nagpur, with many more to come.

Swiss technology group ABB Ltd plans to list its e-mobility division on the stock market. The IPO could value the business at about US$3 bn.

The e-mobility business, which makes fast chargers for electric cars and buses is expected to benefit significantly from the global battery-powered vehicle boom.

India's EV Revolution: Building a Network of Charging Stations

The government plans to deploy up to 70,000 EV chargers across India over the next several years in order to strengthen EV charging infrastructure and accelerate the adoption of EVs in India.

Work is already underway to install these EV charging stations at various petrol pumps across India.

Also, a robust network of charging stations is being developed by several large companies.

Energy Efficiency Services Limited, reported a network of 207 public charging stations and had plans to install roughly 500 by the end of the fiscal.

Tata Power has successfully created a network of more than 1,000 public EV charging stations across nearly 180 cities and multiple state and national highways.

Fortum, a Finnish company has to its credit the first public charging station for Indian Oil in Hyderabad. It's a growing electric mobility infrastructure provider, owning over 70 public charging points at around 40 locations in India.

Other significant players involved in this space include Charzer, Delta Electronics, Mass-Tech, ABB, and EVRE.

As you can see, many companies, listed and unlisted, are already knee-deep into establishing EV charging infrastructure in India.

So which EV stock should you invest in?

Before you zero in on any, we recommend you watch the video below to study the results of our latest research project.

Meanwhile, check out the playlist on electric vehicles on Equitymaster's YouTube channel.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...