ABB and EDC to promote investments in sustainable tech and projects
September 27, 2023 – ABB and Export Development Canada…
September 27, 2023 By Anthony Capkun
With a total limit of up to $2.9 billion US, ABB says EDC’s support will provide its customers with financing and insurance solutions “for strategic electrification and automation projects in the sectors of clean technologies, advanced manufacturing, digital technologies, and resources of the future”.
“This partnership enhances our value proposition to customers and is fully in line with our purpose to enable a more sustainable and resource-efficient future,” said ABB CFO Timo Ihamuotila. “It will offer our customers and us the opportunity to further invest in sustainable technologies and—in doing so—to contribute actively to reaching decarbonization goals in various industries.”
The partnership aims to foster investments globally and locally, both through ABB’s customers’ projects and within the company’s own operations. EDC will finance and provide insurance to customer projects across the ABB portfolio: from electrification, motion and process automation to robotics and discrete automation.
A specific focus, ABB continues, will be on strategic investments in technologies and solutions with growth potential, such as green hydrogen production, sustainable transport solutions or the electrification of today’s fossil-based activities.
Collaboration with Canadian start-ups is also essential under the umbrella of this partnership.
Commercial financing will be provided on a project-by-project basis, and the partnership will run (initially) for three years.
“Extensive capital is required to transition to more sustainable practices and develop greener products and services,” noted Sven List, senior vice-president, Corporate and International Group. “EDC is committed to supporting large multinational companies, like ABB, that have strong anchors in Canada […].”
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