Company Launches Fastest EV Charger in the World

As the effects of burning fossil fuels for more than a century become apparent amid global warming and extreme weather, several territories across the world have pledged to switch to zero-emission vehicles. Powered by lithium-ion battery cells, these vehicles produce zero emissions at the tailpipe, making them the perfect vehicle for a carbon-neutral economy. However, a variety of issues, including insufficient fast-charging infrastructure and range anxiety, have stood in the way of widespread electric vehicle (“EV”) adoption.

Fortunately for green-energy proponents and EV lovers, one of the biggest players in the EV fast-charging game has unveiled a groundbreaking charger that may change EV charging as we know it. ABB Ltd., a Zurich, Switzerland-based multinational that specializes in robotics, power, heavy electrical equipment and automation has launched an all-in-one EV charger that it claims is faster than all-electric vehicle chargers currently on the market. Designed as a modular system, the Terra 360 can charge up to four vehicles at a time in only 15 minutes or less thanks to a maximum power output of 360kW and dynamic power distribution, eliminating long and time-consuming wait lines at EV charging stations.

One area where internal combustion engine (“ICE”) cars have EVs beat is charging; you can fully refuel a fossil fuel car in less than five minutes. A fast charger capable of filling up an EV in 15 minutes can significantly bridge this gap, and once such chargers are as common on the roads as gas stations, EV owners will never have to worry about running out of power on the road.

Frank Muehlon, president of ABB’s e-mobility division, says the Terra 360 is key to fulfilling the demand for EV fast-charging infrastructure and accelerating the adoption of clean-energy vehicles. Furthermore, chief communications and sustainability officer Theodor Swedjemark says that ABB will continue its quest for electrification by replacing its entire fleet of 10,000 vehicles with zero-emission vehicles.

The Terra 360 has been designed to meet EV drivers’ daily needs and expectations. It is wheelchair accessible and has an ergonomic cable design that plugs in with little effort. The vehicle also features a lighting system that guides users and displays the state of charge (“SoC”) and how long an optimal charging session should last. ABB’s super-fast charger can be installed in private residences, gas stations, retail locations, convenience stores and commercial premises. The chargers will be available in Europe by the end of the year and in Asia Pacific, Latin America, and the Unites States in 2022.

With more companies crossing into the EV space, including Net Element (NASDAQ: NETE), we can expect more innovative products that will ease the transition to electric vehicles.

NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE

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