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ABB secures €500 million EIB loan for electrification R&D

Published Nov 21, 2023 07:34AM ET
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ZURICH - ABB (ST:ABB), the Swiss-Swedish multinational corporation, has secured a substantial financial boost with a €500 million loan from the European Investment Bank (EIB). This strategic move is set to accelerate research and development in smart electrification technologies, with a focus on electrical distribution solutions such as innovative solid-state circuit breakers and eco-friendly switchgear. The initiative is spread across multiple European countries such as Germany, Italy, Czech Republic, Finland, Norway, Poland, and Switzerland.

This funding is a fundamental component of Europe's broader efforts to meet the EU's net-zero emissions target by 2050 in line with the European Green Deal. It specifically targets carbon emissions reduction and heightened building automation efficiency across these countries. Timo Ihamuotila, ABB's Chief Financial Officer, recognized the EIB partnership as a critical step for Europe's energy transition towards a more sustainable low carbon society. Ambroise Fayolle, EIB Vice-President, emphasized the importance of electrification in combating climate change and lauded ABB's longstanding contributions to sustainable electrical products.

The collaboration underscores the EIB's role as a major climate finance provider, having directed 58% of its financing towards climate action in 2022. ABB's commitment to innovation is reflected in its substantial investment in R&D, which amounted to $1,166 million in 2022. The company employs over 7,500 individuals primarily engaged in digitalization and software advancements.

ABB's approach to fostering green technology extends beyond internal development; it actively engages in strategic partnerships with startups and research networks throughout Europe. This not only enhances ABB's technological capabilities but also supports the broader goal of ensuring cleaner electricity use across various sectors.

The EIB loan symbolizes both organizations' dedication to sustainability and technological progress within the electrification sector. As the world grapples with escalating global electricity needs today, this partnership may prove instrumental in shaping a cleaner and more efficient future for energy consumption across Europe.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

ABB secures €500 million EIB loan for electrification R&D
 

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