ABB originates the world’s fastest electric car charger, the company announced. The firm’s new Terra 360 modular charger can charge more than four vehicles at a time and can fully charge an electric car in 15 minutes, the company told.

The device can deliver 100km of reach in less than 3 minutes and will be available in Europe and the United States by the end of 2021. They will also launch in Latin America and the Asia Pacific regions by 2022, it added. Chief Executive Bjorn Rosengren said that investor materials for the outgrowth of its electric vehicle (EV) charging business will be ready in the 4th quarter of this year, with a potential flotation for early 2022.

ABB has noticed the increasing demand for chargers and has sold more than 460,000 EV chargers in more than 88 markets. It wants to keep a ruling stake in the electro-charging business but intends to acquire software and hardware companies and attract capital for rapid growth.