ABB secures €500 million EIB loan for electrification R&D
ABB and the European Investment Bank (EIB) have signed a EUR 500 million financing agreement to support ABB’s research and development in its Electrification business area.
Global electricity demand is growing 10 times faster than other energy sources according to the International Energy Agency. Addressing this increasing demand in the context of the energy transition, ABB plans to use the EIB funding to design and develop next-gen electrical distribution solutions. Development efforts will include solid-state circuit breakers, eco-friendly switchgear, and technology that enhances building efficiency and automation.
ABB’s solutions are used for example in commercial buildings, industrial operations or microgrids. ABB states that the funding will support R&D projects in Germany, Italy, the Czech Republic, Finland, Norway, Poland, Switzerland and several other European countries.
“We are delighted about the collaboration with the European Investment Bank, which reflects the key role of electrification in Europe’s energy transition. This is another important recognition of ABB's innovation and research efforts to enable the transformation to a low carbon society,” says ABB CFO Timo Ihamuotila in a press release.