Carrier Completes Acquisition of Addvolt, Enhancing its Electrification Solutions
Rhea-AI Summary
Carrier Global Corporation (NYSE: CARR) has completed the acquisition of Addvolt, S.A., a Portuguese transport electrification technology company. Addvolt specializes in patented, non-invasive electric systems for refrigerated transportation, helping reduce emissions and fuel usage. The acquisition strengthens Carrier's electrification strategy by providing advanced technology, integrated power management, and real-time energy management software.
Addvolt, which was Carrier Ventures' first investment in 2022, has approximately 60 employees who will join Carrier's Climate Solutions Transportation segment. The company's technology is already being utilized in Europe through Carrier Transicold's Vector® eCool, the world's first fully autonomous electric trailer refrigeration system.
Positive
- Strategic acquisition enhances Carrier's electrification capabilities and technological innovation
- Integration of Addvolt's patented technology reduces emissions and fuel usage in refrigerated transportation
- Technology already proven successful through existing partnership with Vector® eCool system
- Acquisition brings valuable engineering talent and 60 employees to strengthen Carrier's team
Negative
- None.
News Market Reaction – CARR
In the trading session that priced this news, CARR gained 2.48%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Addvolt offers patented, non-invasive, low-maintenance electric systems for use with refrigerated vans, trucks, trailers and containers. Its plug-in electric systems for refrigerated transportation markets avoid fuel usage and reduce major emissions, including noise, particulates, nitrogen oxide and carbon dioxide.
"By combining Addvolt's deep expertise in electric systems and power management with Carrier's industry-leading solutions, we are well-positioned to drive innovation beyond refrigerated transportation," said Edward Dryden, President, Climate Solutions Transportation, Carrier. "This strategic partnership creates opportunity for new and emerging applications, while also continuing to build on the success we've already achieved together."
Addvolt strengthens Carrier's electrification strategy by providing advanced electrification technology, integrated power management and power electronics capabilities, connected in real time by its value-added energy management software, as well as innovative engineering talent. The technology is already in use by Carrier Transicold customers in
"We are thrilled to join forces with a global industry leader, marking an exciting new chapter for Addvolt to push the boundaries of our technological innovation," said Bruno Azevedo, Addvolt Co-founder and Chief Executive Officer. "We are proud of what we have built and are confident that, together with Carrier, we will further advance in our mission to advance electrification."
Founded more than a decade ago, Addvolt was the first investment by Carrier Ventures, the company's global venture capital arm, in 2022. Carrier Ventures' early investment in Addvolt reflects its strategy to identify and scale differentiated technologies aligned with Carrier's growth strategy.
Headquartered in
Linklaters LLP provided external legal counsel to Carrier in this transaction. White Peak Partners acted as financial advisor and CVG Legal as legal counsel to Addvolt in this transaction.
About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.
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SOURCE Carrier Global Corporation