Sunday, April 2, 2023

ABB raises further funds for e-mobility

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ABB has raised a further CHF 325 million in a private placement ahead of the planned IPO of its E-Mobility division. (archive image)

The company raised CHF 325 million with a second private placement. As part of a “second and final round of the pre-IPO private placement”, new shares will be issued, as ABB announced on Wednesday. A corresponding agreement has been concluded with four minority shareholders.

The four new shareholders are the American company BeyondNetZero, a fund of the growth capital company General Atlantic that focuses on climate solutions, the sovereign wealth fund GIC from Singapore, the climate-oriented British investment company Just Climate and Porsche SE in Germany. For their total investment of CHF 325 million, they receive a share of around 12 percent in e-mobility.

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