ABB’s e-mobility division has raised CHF200 ($208m, €203m) in a pre-IPO private placement as the full IPO is further delayed.
The investment by the end of the year will be used organic growth and M&A investments in hardware and software. The IPO of the business, which develops and installs electric vehicle chargers around the world, had originally been planned by June this year.
The private investment of around 8% comes from the long-term equity strategy fund of Interogo, a foundation-owned international investment group based in Switzerland as well as moyreal, a Swiss single-family office that invests in property and the automotive industry. ABB E-mobility chairman, Michael Halbherr, also invested.
ABB keeps a shareholding of approximately 92 percent, providing continued access to funding and supporting its future growth journey and the deal would value the e-mobility business at around $2.5bn.
“We remain committed to our strategy to separately list our E-mobility business subject to constructive market conditions,” said Björn Rosengren, CEO of parent company ABB. “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.”
“We have followed the EV charging space for long time and are impressed by what the ABB E-mobility team has achieved. ABB E-mobility is well-positioned to support the transformation towards a more sustainable future. We look forward to working with the team and co-shareholders,” says Richard Silén, MD of IH Long-term Equity Advisors AB, the long-term equity arm of Interogo Holding AG.
ABB e-mobility has appointed a borad of directors alongside Halbherr with three representatives from ABB, namely Morten Wierod (President of Electrification business area), Carolina Granat (Chief Human Resources Officer), and Andreas Wenzel (Head of Strategy and M&A). There are also three independent Board members: Håkan Samuelsson, Annette Köhler and Peter Molengraaf, to govern the division in the spirit of an agile and fast-moving independent company.
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