ABB Receives CE Approval, Shares Up 0.16% - Analyst Blog

Leading automation and power technology group ABB Ltd's (ABB) shares rose marginally by 0.16% on Sep 25, following the company's announcement about the marking approval by CE for its fast charging 50kW 53 CCS DC station for electric vehicles. ABB is the first supplier in Europe to receive a CE approval for a CCS DC fast charging solution by an independent certification body.

ABB expects to deliver the industry-best charging solution in Europe by focusing on the quality, reliability and the connectivity standards of these charging stations. This certification by CE affirms the company's commitment toward maintaining high quality along with the safety of its users.

ABB's Terra 53 CCS DC are safe and cost effective charging solutions, compatible with all electric vehicles and can easily be connected to various software systems including back offices, access management systems and payment platforms. These stations are so designed that they can be managed efficiently even via a remote monitoring system. Recently, this charging solution showed successful result when tested by BMW and Volkswagen in a workshop.

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. Earlier 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 charging industry to reach roughly $1.0 billion by 2017 and $4.0 billion by 2020.

ABB, a global leader in power and automation technologies, currently carries a Zacks Rank #3 (Hold). Other stocks worth considering at the moment are Rexnord Corp. (RXN) and Michael Baker Corp. (BKR), both having a Zacks Rank #1 (Strong Buy) along with Plug Power Inc. (PLUG) that carries a Zacks Rank #2 (Buy).