ABB, EDC form global partnership to finance clean tech projects
By DE StaffAutomation Machine Building
Deal to provide $2.9B to support ABB’s customers for electrification and automation projects.
ABB and Export Development Canada (EDC) announced they have signed a global partnership to promote investments in sustainable technologies and projects in Canada and around the world.
Under the terms of the deal, EDC will provide ABB customers up to a total limit of US$2.9 billion in financing and insurance solutions for electrification and automation projects. Funding will pertain to ABB’s product portfolio, including electrification, motion, process automation, robotics and discrete automation.
Targeted sectors will include clean technologies, advanced manufacturing, digital technologies and resources of the future. Commercial financing will be provided on a project-by-project basis and the partnership will initially run for three years, the partners said.
According to ABB and EDC, the partnership aims to foster investments globally and locally in Canada both through ABB’s customer projects and within the company’s own operations. 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 fossil-based activities.