ABB e-mobility closes funding round with over €200 million
Swiss technology group ABB has raised CHF 200 million for its E-Mobility division. Shares to raise said capital are being issued as part of a pre-IPO private placement.
200 million Swiss francs currently corresponds to approximately 203.7 million euros. The transaction is expected to close before the end of 2022 and the capital will be used to implement the growth strategy.
Interogo Holding, Moyreal Holding and Michael Halbherr, who was appointed chairman of ABB E-Mobility in February, are participating in the private placement. ABB will retain a stake of around 92 per cent in the company.
ABB plans to take its E-Mobility division with its charging station business public “subject to constructive market conditions”. The company had originally planned the IPO for the second quarter of 2022, but postponed it indefinitely in June 2022.
“We remain committed to our strategy to separately list our E-mobility business subject to constructive market conditions,” ABB CEO Björn Rosengren said. “Meanwhile, having Interogo Holding, moyreal and Michael Halbherr as new co-shareholders in ABB E-mobility is a recognition of the company’s leading customer offering and market position. The private placement underpins our joint commitment to ensure ABB E-mobility’s fast growth in order to remain best positioned to lead the sector in EV charging solutions.”
In the announcement, the Swiss also announced that ABB E-Mobility’s board of directors is now fully constituted. In addition to Michael Halbherr as chairman, ABB itself sends three representatives to the board, specifically Morten Wierod (president of the electrification business unit), Carolina Granat (chief human resources officer) and Andreas Wenzel (head of strategy and M&A). There are also three independent members: German economist Annette Köhler, investor Peter Molengraaf and ex-Volvo boss Håkan Samuelsson.