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ABB Ltd has released its 2021 annual report and filed it with the United States Securities and Exchange Commission on Form 20-F. The report is available electronically and offers comprehensive details on the company’s strategy, business operations, governance, and financial performance. Shareholders can request a printed copy of the annual report. ABB, a leading global technology company, continues to innovate in electrification, robotics, automation, and motion, backed by around 105,000 employees across more than 100 countries.
On February 22, 2022, Worley, ABB, and IBM announced a memorandum of understanding to collaborate on green hydrogen facilities. This partnership aims to develop an integrated solution that enables energy companies to build and manage green hydrogen plants more efficiently. Green hydrogen, produced through renewable-powered electrolysis, faces high production costs, which this collaboration seeks to address. Worley will lead project execution, ABB will enhance electrical and automation systems, and IBM will provide systems integration and data solutions.
ABB has launched its Turbocharging division's new brand, Accelleron, aimed at operationally separating the division as it considers sale or spin-off options by mid-2022. The brand symbolizes a focus on sustainable power solutions and innovation, building on over 100 years of experience. In 2021, Accelleron generated $750 million in revenue and serves around 6,000 customers worldwide. The division is positioned to capitalize on the demand for efficient technologies amid decarbonization efforts in industries like maritime, with significant CO2 emissions reduction capabilities.
ABB E-mobility outlines its robust growth strategy during the virtual Capital Markets Day held on February 10, 2022. The division reported a 60% CAGR from 2017-2021, with a targeted revenue growth of 40-45% for FY2022, building on $323 million revenues in 2021. Key initiatives include significant investments totaling $750 million for M&A and organic growth. Operational EBITDA margin is expected to improve to 15-20% mid-term. Michael Halbherr has been appointed Chairman as ABB aims to transition to software-driven solutions in the EV charging market.
ABB has partnered with PACCAR to provide advanced EV charging solutions for medium- and heavy-duty trucks across North America and Europe. This collaboration aims to enhance sustainability and efficiency for PACCAR's extensive dealer network of 2,265 locations globally. ABB's charging technology will support on-demand fast charging for various truck models, addressing the significant greenhouse gas emissions from the transportation sector. With a commitment to sustainability, both companies are focusing on reducing carbon emissions while promoting electric vehicle adoption.
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ABB reported a strong performance for Q4 2021, with orders at $8.3 billion (+18%) and revenues of $7.6 billion (+5%). Operational EBITA reached $988 million (margin 13.1%). For FY 2021, orders totaled $31.9 billion (+20%), with revenues of $28.9 billion (+11%). Basic EPS improved to $2.27, although down 7% year-on-year. Cash flow from operating activities was strong at $3.3 billion. A dividend of CHF 0.82 per share was proposed, up from CHF 0.80.
ABB has acquired a controlling stake in InCharge Energy, enhancing its EV charging infrastructure capabilities in North America. This transaction increases ABB's share in InCharge to approximately 60%, building on their initial 10% stake from a Series A investment in 2020. The acquisition aims to expand ABB’s E-mobility Division, enabling it to offer comprehensive charging solutions for various commercial fleets, thereby capitalizing on significant growth opportunities in the U.S. EV market.
ABB hosted a virtual roundtable discussing its energy efficiency movement, emphasizing the integration of high-efficiency technologies into industrial infrastructure. Key speakers included experts from the Lawrence Berkeley National Laboratory and ABB leadership. The event highlighted that U.S. businesses could drastically reduce electricity consumption and combat climate change by adopting new technologies. Investments are expected to yield returns within two years while contributing to environmental sustainability.