ABB E-mobility, a global leader in electric vehicle (EV) charging solutions, announced that it has signed an agreement with four minority investors to raise an additional CHF325 million in funds, in exchange for a total shareholding of approximately 12 percent in the company. This transaction represents the second and final part of ABB E-mobility’s pre-IPO private placement of newly issued shares and is expected to close in the beginning of February 2023.
The investors taking part in the second round are BeyondNetZero (beyond-net-zero.com), the climate solutions fund of General Atlantic, a leading global growth equity firm; GIC (gic.com.sg), a global institutional investor and Singapore’s sovereign wealth fund; Just Climate (justclimate.com), a UK-based climate-led investment firm founded by Generation Investment Management; and Germany-based Porsche Automobil Holding SE (porsche-se.com), a holding company with investments in the areas of mobility and industrial technology and core shareholder in Volkswagen AG and Porsche AG.
ABB E-mobility will use the proceeds to continue the execution of its growth strategy, driven by both organic and M&A investments in hardware and software. Following the second round, ABB remains a committed partner to ABB E-mobility with a shareholding of approximately 80 percent.
Through this private placement, ABB E-mobility has raised a total of approximately CHF525 million in funds for the E-mobility business, with both investment rounds based on the same company valuation and contractual terms. In November 2022, ABB E-mobility announced the closing of the first round of the pre-IPO private placement of approximately CHF200 million. This included participation from the long-term equity strategy fund of Interogo Holding, a foundation-owned international investment group based in Switzerland (which will be represented on the board of directors of ABB E-mobility), moyreal holding ag, a Swiss single-family office with a long-standing history in the automotive industry and advised by Helvetic Trust AG, and ABB E-mobility Chairman, Michael Halbherr.
ABB CEO Björn Rosengren said: “We are delighted to see investors sharing our strong confidence and trust in the E-mobility business growth story. Furthermore, ABB remains committed to our strategy to separately list the business subject to constructive market conditions.”
ABB E-mobility is a global market leader in building a zero-emission future, with smart, reliable and emission-free EV charging solutions. The company has significantly scaled up its business, also through a number of acquisitions and investments, including In-Charge, Chargelab and Numocity, as well as the opening of a state-of-the art production facility in Italy and its recent US manufacturing footprint expansion.
Lilja, Morgan Stanley, and UBS acted as financial advisors and Lenz & Stähelin acted as external legal advisors to ABB on the two rounds of the private placement.
ABB (abb.com) is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation.
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