ABB and Export Development Canada’s new partnership aims to drive clean tech financing globally

ABB and Export Development Canada (EDC) have signed a global partnership to promote investments in sustainable technologies and projects in Canada and around the world.

The support provided by EDC, with a total limit of up to US$ 2.9 billion, will provide ABB’s customers with financing and insurance solutions to strategic automation and electrification projects in the sectors of clean technologies, advanced manufacturing, digital technologies and resources of the future. EDC will offer commercial financing on a project-by-project basis and the partnership will initially run for three years.

The partnership aims to foster investments globally and locally in Canada both through ABB’s customer projects and within the company’s own operations. EDC will finance and provide insurance to customer projects across the ABB portfolio, from robotics and discrete automation to electrification, motion and process automation.

ABB CFO Timo Ihamuotila said, “I am very pleased about our partnership with EDC and their trust in ABB as a global technology leader in electrification and automation. This partnership enhances our value proposition to customers and is fully in line with our purpose to enable a more sustainable and resource-efficient future. It will offer our customers and us the opportunity to further invest in sustainable technologies and – in doing so – to contribute actively to reaching decarbonization goals in various industries.”

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 today’s fossil-based activities to reduce global greenhouse gas emissions. Collaboration with innovative Canadian start-ups is also an essential topic under the umbrella of the partnership with EDC. oast.

“EDC is committed to supporting large multinational companies, like ABB, that have strong anchors in Canada and are focused on building an innovative, equitable and sustainable economy,” said Sven List, senior vice-president of the corporate and international group at EDC. “Extensive capital is required to transition to more sustainable practices and develop greener products and services. Together we will play an important role in developing Canada’s contribution to global sustainability and address pressing issues like climate change.“