ABB and EDC Partner to Finance Clean Tech
ABB and Export Development Canada (EDC), Canada’s export credit agency, have signed a global partnership to promote investments in sustainable technologies and projects in Canada and around the world.
EDC's assistance, with a total cap of up to US$ 2.9 billion, will offer ABB's clients financing and insurance options for strategic electrification and automation projects in the fields of clean technologies, advanced manufacturing, digital technologies, and resources of the future. Commercial financing will be provided on a project-by-project basis, and the partnership will initially run for three years.
ABB CFO Timo Ihamuotila said: “I am very pleased about our partnership with EDC and their trust in ABB as a global technology leader in electrification and automation. 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. It will offer our customers and us the opportunity to further invest in sustainable technologies and, in doing so, to actively contribute to reaching decarbonisation goals in various industries.”
The partnership aims to foster investments globally and locally in Canada, both through ABB’s customer 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.
“EDC is committed to supporting large multinational companies, like ABB, that have strong anchors in Canada and are focused on building an innovative, equitable, and sustainable economy,” said Sven List, Senior Vice President, Corporate and International Group, EDC. “Extensive capital is required to transition to more sustainable practices and develop greener products and services. Together, we will play an important role in developing Canada’s contribution to global sustainability and addressing pressing issues like climate change.“
A specific focus 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 to reduce global greenhouse gas emissions.
Collaboration with innovative Canadian start-ups is also an essential topic under the umbrella of the partnership with EDC. With over 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.