© Reuters.
In a significant development, ABB and Export Development Canada (EDC) have inked a global partnership worth up to $2.9 billion. The three-year collaboration aims to back ABB’s customers with financing and insurance solutions for strategic electrification and automation projects across various sectors, including clean technologies, advanced manufacturing, digital technologies, and future resources.
The partnership, which acknowledges ABB’s substantial footprint in Canada and its role in driving innovation across key future sectors, will provide commercial financing on a project-by-project basis. The collaboration is expected to foster investments both globally and locally in Canada through ABB’s customer projects and within the company’s own operations.
“I am very pleased about our partnership with EDC and their trust in ABB as a global technology leader in electrification and automation,” said ABB CFO Timo Ihamuotila. “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 contribute actively to reaching decarbonization goals in various industries.”
Sven List, Senior Vice President, Corporate and International Group, EDC, emphasized the commitment of EDC to support multinational companies like ABB that have strong anchors in Canada and are focused on building an innovative, equitable, and sustainable economy. “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 address pressing issues like climate change,” he added.
The partnership will specifically focus on strategic investments in technologies with growth potential such as green hydrogen production, sustainable transport solutions or the electrification of current fossil-based activities to reduce global greenhouse gas emissions. It also includes collaboration with innovative Canadian start-ups.
ABB, with over 100 years of technological innovation in Canada, has 3,100 employees across 29 locations from coast to coast. The company’s success in Canada is driven by its talented workforce that contributes to its extensive operational footprint.
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