ABB E-mobility raises multi-millions from four investors

EV charging solutions provider ABB E-mobility has signed an agreement with four minority investors to raise an additional NZ$551 million (CHF325m) in funds, in exchange for a total shareholding of about 12% in the company.

New investors include General Atlantic’s BeyondNetZero (US), GIC (Singapore), Just Climate (UK) and Porsche SE (Germany).

This transaction represents the second and final part of ABB E-mobility’s pre-IPO private placement of newly issued shares and is expected to close early February 2023, says ABB.

ABB E-mobility will use the proceeds to continue the execution of its growth strategy, driven by both organic and M&A investments in hardware and software. Following the second round, ABB says it remains a committed partner to ABB E-mobility with a shareholding of about 80%.

Through this private placement, ABB E-mobility has raised about NZ$889.4m (CHF525m) in funds for the E-mobility business, with both investment rounds based on the same company valuation and contractual terms.

In November 2022, ABB E-mobility announced the closing of the first round of the pre-IPO private placement of about NZ$338.8m (CHF200m). This included participation from the long-term equity strategy fund of Interogo Holding, a foundation-owned international investment group based in Switzerland (which will be represented on the ABB E-mobility board of directors), Moyreal Holding ag, a Swiss single-family office with a long-standing history in the automotive industry and advised by Helvetic Trust AG, and ABB E-mobility chairman Michael Halbherr.

“We are delighted to see investors sharing our strong confidence and trust in the E-mobility business growth story,” says ABB chief executive Björn Rosengren.  

“Furthermore, ABB remains committed to our strategy to separately list the business subject to constructive market conditions.”

ABB E-mobility has significantly scaled up its business, also through a number of acquisitions and investments, including In-Charge, Chargelab and Numocity, as well as the opening of a production facility in Italy and its recent US manufacturing footprint expansion.

Lilja, Morgan Stanley, and UBS acted as financial advisors and Lenz & Stähelin external legal advisors to ABB on the two rounds of the private placement.