ZURICH, Feb 1 (Reuters) – ABB (ABBN.S) has sold more of its electric vehicle (EV) charging business to four investors, including a deal with a former U.S. Funds related to Vice President Al Gore.
Investors bought a combined 12 percent stake in the E-Mobility business for 325 million Swiss francs ($355 million) in a second and final private placement before a planned listing this year, ABB said.
They include Just Climate, a UK-based investment firm founded in 2021 by Al Gore, who has long advocated for global efforts to combat climate change, and financier David Bullard.
The company said the investment “will help decarbonize road transport by accelerating the deployment…
Other new E-Mobility investors are BeyondNetZero, the climate fund of private equity firm General Atlantic, Singapore’s sovereign wealth fund GIC, and the largest shareholder of holding company Porsche SE (PSHG_p.DE), Volkswagen (VOWG_p.DE) and E-Mobility. Mobility’s main investor, ABB, said sports car maker Porsche AG (P911_p.DE).
the latest update
View 2 more stories
Porsche SE says it has invested “double-digit million euros”.
ABB, which did not give a breakdown of its stake, has raised about 200 million Swiss francs by allocating 8 percent of the business to other investors.
The two placements raised a total of CHF 525 million, valuing E-Mobility’s equity at around CHF 2.63 billion.
Proceeds will be used to fund organic growth and acquisitions of the business, ABB said, with ABB retaining an approximately 80% stake.
ABB gave no further details on the timing of the listing, which will take place in Switzerland, but Chief Executive Bjorn Rosengren said it “remains committed to … a separate listing of the business under constructive market conditions. “
($1 = CHF 0.9155)
Reporting by John Revill, Additional reporting by Christoph Steitz in Frankfurt Editing by Paul Carrel and John Stonestreet
Our Standards: The Thomson Reuters Trust Principles.
