11/21/2023

ABB signs €500 million EIB financing

Bild: Pixabay

To drive research and development of smart and sustainable electrification technologies. Global demand for electricity is growing 10 times faster than other energy sources. Addressing this increasing demand in the context of the energy transition, ABB plans to use the EIB funding to design and develop next generation electrical distribution solutions.

Official Press Release EIB:

ABB signs €500 million EIB financing to further drive smart and sustainable electrification technologies

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ABB and the European Investment Bank (EIB), the lending arm of the European Union, have signed a €500 million financing agreement to support ABB’s research and development in its Electrification business area.

Global demand for electricity is growing 10 times faster than other energy sources. Addressing this increasing demand in the context of the energy transition, ABB plans to use the EIB funding to design and develop next generation electrical distribution solutions. Development efforts will include solid-state circuit breakers, eco-friendly switchgear, and technology that enhances building efficiency and automation. ABB’s solutions are used for example in commercial... ... More: Official Press Release EIB