Hyperdrive
Porsche Invests in ABB’s Electric-Vehicle Charging Business
- Four shareholders get 12% stake via second private placement
- ABB pursues E-Mobility division IPO despite market rout
ABB has been streamlining its business to boost profitability, following pressure from shareholders.
Source: ABB Ltd.
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ABB Ltd.’s electric-vehicle charging business has raised additional funds from minority investors including Porsche SE and General Atlantic in a second and final round before listing the division.
The division, ABB E-Mobility, sold a 12% stake for 325 million Swiss francs ($355 million) to General Atlantic’s BeyondNetZero climate fund, Singapore’s sovereign wealth fund GIC, UK-based investment firm Just Climate and Porsche AG’s holding company Porsche SE, according to a statement Wednesday.