Commercial financing will be provided on a project-by-project basis and the partnership will initially run for three years.
“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 decarbonisation goals in various industries.”
The partnership aims to foster investments globally and locally in Canada both through ABB’s customer projects and within the company’s own operations. EDC will finance and provide insurance to customer projects across the ABB portfolio, from electrification, motion, process automation to robotics and discrete automation.
“EDC is committed to supporting large multinational companies, like ABB, that have strong anchors in Canada and are focused on building an innovative, equitable and sustainable economy” added Sven List, Senior Vice President, Corporate and International Group, EDC. “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.“
A specific focus will be on strategic investments in technologies and solutions 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. Collaboration with innovative Canadian start-ups is also an essential topic under the umbrella of the partnership with EDC. With over 100 years of technological innovation in Canada, ABB’s success in Canada is driven by 3,100 talented employees in 29 locations from coast to coast.
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