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ABB (ABB) has entered a strategic partnership and made a minority investment in LevelTen Energy, described as the world’s largest marketplace for clean energy transactions such as power purchase agreements. Financial terms of the investment were not disclosed.
The collaboration enhances ABB’s energy and carbon advisory services by combining its electrification, digital and energy management expertise with LevelTen’s platform, which has facilitated more than 20 GW of clean energy transactions across over 35 markets in North America and Europe. ABB expects access to LevelTen’s ecosystem of developers and projects to create new opportunities for monitoring, optimization and lifecycle services, while LevelTen gains ABB’s sector expertise and global customer reach. The investment is made through ABB Electrification Ventures, which has now invested more than $110 million in 18 startups since 2021 to build an ecosystem supporting productivity, efficiency and sustainability.
ABB (ABB) has made a strategic minority investment in UK-based startup Gridcog, which provides a digital platform for modeling complex microgrids, distributed energy resources and energy-as-a-service projects. The partnership combines Gridcog's scenario-modelling software with ABB's energy advisory and microgrid engineering services to help commercial and industrial customers design, compare and validate energy projects, with transparency on both financial performance and carbon impact.
ABB is leading the funding round alongside AXPO, DNV and Verbund Ventures, while Albion and Clean Energy Finance Corporation remain shareholders. According to ABB, its Electrification Ventures arm has now invested over $110 million in 16 startups since 2021, within a broader ABB Ventures portfolio of about $500 million since 2010.
ABB has announced the acquisition of Aurora Motors, a $4 million U.S. Vertical Pump Motors provider with operations in Shanghai and California. Aurora Motors serves customers in 30 countries across agriculture, municipality, industrial, and fire protection sectors. The acquisition, expected to close by end of 2024, enhances NEMA's product portfolio and global market presence. This strategic move is part of ABB's Motion Business area's growth strategy, strengthening their position in the $3.4 billion NEMA motor industry. The deal will expand ABB's supply chain and improve global customer support, though financial terms weren't disclosed.
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ABB is investing approximately $170 million in the U.S., aiming to meet rising demand for electrification and automation products. This includes new facilities in Wisconsin to enhance production capacity and create 300 new jobs across various states. The investment is bolstered by support from the Inflation Reduction Act; 85% of ABB's U.S. sales are from locally produced products. ABB's U.S. operations contribute 24% to its annual revenue, with ongoing projects projected to improve supply chain security and reduce delivery times by 50%. The company has invested $14 billion in U.S. expansions since 2010.
ABB announced a $40 million investment to establish a new manufacturing facility in Albuquerque, New Mexico, aimed at supporting the U.S. Utility sector. This 90,000-square-foot facility will create 55 jobs and enhance production of high-demand Elastimold® cable accessory solutions, crucial for grid resilience and safety. Set to be completed in 2024, it will utilize ABB Robotics technology to produce over 1 million additional units annually, primarily for U.S. customers. This investment strengthens ABB's commitment to the U.S. market, contributing to infrastructure improvements and increasing the company’s manufacturing capacity.
ABB announced a $20 million investment to expand its robotics facility in Auburn Hills, Michigan, enhancing its leadership in US automation. The project, which is set to open in November 2023, will create 72 skilled jobs and is supported by a $450,000 business development grant. The expansion aims to meet growing demand from US businesses for automation solutions, driven by labor shortages and the trend of reshoring production. Since 2010, ABB has invested $14 billion in the US, with this facility expected to produce a significant portion of robots for the Americas. The upgrade will incorporate advanced manufacturing technologies and AI-enabled systems.
ABB Ltd has filed the European Single Electronic Format (ESEF) version of its 2022 annual reports with the Swedish Financial Supervisory Authority. The reports, available electronically via go.abb/reports, present no material differences from reports released on February 24, 2023. ABB continues its focus on electrification and automation, with over 105,000 employees committed to driving industrial innovation.
ABB has released its first integrated report, showcasing its 2022 financial and sustainability performance. The report highlights a remarkable 65% reduction in company GHG emissions since 2019 and introduces new mid-term sustainability targets for 2025, aiming for a 70% reduction in its own emissions and a 20% reduction from main suppliers. The report reflects ABB’s commitment to sustainability amidst global challenges, underlining achievements in workplace safety and gender diversity. The integrated report aligns with multiple international standards, providing transparency on its financial and sustainability objectives.