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The global partnership of up to US$2.9 billion between ABB and Export Development Canada (EDC) will assist ABB’s customers in debt financing for major electrification and automation projects globally.
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Commercial financing will be provided on a project-by-project basis as part of a three-year partnership
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The partnership recognizes ABB’s significant footprint in Canada, its contribution in driving innovation in key areas of the future and delivering economic benefits that reach far beyond their operational footprint.
ZURICH, Sept. 27, 2023 /CNW/ – Canadian export credit agency ABB and Export Development Canada (EDC) have signed a global partnership to promote investment in sustainable technologies and projects in Canada and around the world. The assistance provided by EDC, with a total limit of up to US$2.9 billion, will provide ABB’s customers with financing and insurance solutions for strategic electrification and automation projects in the areas of clean technologies, advanced manufacturing, digital technologies and resources. Future. Commercial financing will be provided on a project-by-project basis and the partnership will initially last for three years.
Image: ABB Headquarters Zurich (CNW Group/ABB Inc.)
ABB CFO Timo Ihamuotila said: “I am very pleased with our partnership with EDC and their confidence in ABB as a global technology leader in electrification and automation. This partnership enhances our value proposition to customers and enables is in line with our objective of a more sustainable and resource-efficient future. This will provide our customers and us with the opportunity to invest further in sustainable technologies and – in doing so – the opportunity to actively contribute to reaching decarbonisation targets across various industries will provide.”
The partnership aims to promote investment in Canada globally and locally through ABB’s customer projects and the company’s own operations. EDC will finance and underwrite customer projects across the ABB portfolio ranging from electrification, motion, process automation to robotics and discrete automation.
“EDC is committed to supporting large multinational companies like ABB that have a strong base in Canada and are focused on building an innovative, equitable and sustainable economy,” said Sven List, EDC’s Senior Vice-President, Corporate and International Group. Are.” “Broad capital is needed to shift to more sustainable practices and develop greener products and services. Together we will play an important role in growing Canada’s contribution to global sustainability and addressing pressing issues like climate change.”
Particular attention will be paid to strategic investments in technologies and solutions with growth potential, such as green hydrogen production, sustainable transportation solutions or electrification of today’s fossil-based activities to reduce global greenhouse gas emissions. Collaboration with innovative Canadian start-ups is also an essential theme under the partnership with EDC. With more than 100 years of technological innovation in Canada, ABB’s success in Canada is driven by 3,100 talented employees in 29 locations from coast to coast.
abb Technology is at the forefront of electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions combine engineering information and software to optimize the making, moving, handling and operation of things. Building on more than 140 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that drive industrial transformation. www.abb.com
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their businesses as they move from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.
ABB Inc. (CNW Group/ABB Inc.)
Source ABB Inc.
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