Ex-US VP Gore’s fund among ABB car charging business’ new investors

ZURICH (Reuters) – ABB (ABBN.S) has sold its electric vehicle (EV) charging business to four more investors. The Swiss engineering firm said Wednesday it will include a fund linked to former US Vice President Al Gore.

Investors will pay a combined 325 million Swiss francs ($355 million) for a 12% stake in the e-mobility business, according to ABB, in a second and final private placement before the planned listing this year. went.

These include Just Climate, a UK-based investment firm founded by Gore, which has long advocated for a global effort to combat climate change, and investor David Blood in 2021. will be

The company said the investment “will help decarbonize road transport by accelerating the deployment of solutions ranging from smart chargers for homes to high-power chargers for future highway stations.” increase.

Other new e-mobility investors include private equity firm General Atlantic’s climate fund BeyondNetZero, Singapore’s sovereign wealth fund GIC, holding company Porsche SE (PSHG_p.DE) and Volkswagen (VOWG_p.DE), which is the largest shareholder. A major investor. Sports car maker Porsche AG (P911_p.DE) and his ABB said.

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Porsche SE said it invested “double-digit million euros”.

A breakdown of the shares acquired was not provided by ABB. ABB had already raised around CHF 200 million by allocating his 8% stake in the business to other investors.

Both arrangements will raise a total of 525 million francs, giving E-Mobility an equity value of around CHF 2.63 billion.

The proceeds will be used to fund organic growth of the business and acquisitions, said ABB to retain a stake of about 80%.

ABB did not provide details on when the floats will take place in Switzerland, but CEO Bjorn Rosengren said: “We remain committed to listing our businesses on a case-by-case basis, depending on constructive market conditions. ‘ said.

($1 = 0.9155 Swiss Francs)

Reporting by John Reville, additional reporting by Christoph Steitz in Frankfurt Editing by Paul Carell and John Stonestreet

Our standards: Thomson Reuters Trust Principles.

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