- A global partnership of up to US$2.9 billion between ABB and Export Development Canada (EDC) will support ABB customers with debt financing for key electrification and automation projects globally.
- Commercial financing will be provided on a project-by-project basis under the three-year partnership.
- The partnership recognizes ABB’s significant footprint in Canada, its contribution to fostering innovation in key sectors of the future and delivering economic benefits that extend well beyond their operational footprint.
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. The support provided by EDC, with a total limit of up to US$2.9 billion, will provide ABB customers with financing and insurance solutions for strategic electrification and automation projects in the electricity sectors. 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 last for three years.
Timo Ihamuotila, Chief Financial Officer of ABB, 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 is fully aligned with our goal of enabling a more sustainable and resource-efficient future. This will provide us and our customers with the opportunity to further invest in sustainable technologies and – in doing so – actively contribute to achieving decarbonisation targets across various industries.
The partnership aims to drive investment 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 ABB’s portfolio, from electrification, motion, process automation to robotics and discrete automation.
“EDC is committed to supporting large multinational companies, like ABB, that have strong roots in Canada and are striving to build an innovative, equitable and sustainable economy,” said Sven List, Senior Vice President, Corporate Group and International, EDC. “Substantial capital is needed to shift to more sustainable practices and develop greener products and services. Together, we will play an important role in expanding Canada’s contribution to global sustainability and tackling pressing issues like climate change.
Particular emphasis will be placed on strategic investments in technologies and solutions with growth potential, such as green hydrogen production, sustainable transport solutions or the electrification of current fossil-based activities to reduce global gas emissions. Greenhouse effect. Collaboration with innovative Canadian start-ups is also an essential subject within the framework of the partnership with EDC. With over 100 years of technological innovation in Canada, ABB’s success in Canada is built on 3,100 talented employees in 29 locations from coast to coast.
ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions combine engineering know-how and software to optimize the way things are made, moved, powered and operated. Building on more than 140 years of excellence, ABB’s approximately 105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com
Export Development Canada (EDC) is a financial Crown corporation whose mission is to help Canadian businesses make an impact at home and abroad. EDC provides the financial products and insights Canadian businesses need to confidently enter new markets, reduce financial risks and grow their businesses as they move from local to global. Together, EDC and Canadian businesses are building a more prosperous, stronger and more sustainable economy for all Canadians.