ABB E-mobility raises about CHF200 million in a pre-IPO private placement

Björn Rosengren, Chief Executive Officer of ABB

ABB E-mobility, a global player in electric vehicle (EV) charging solutions, announced that it has signed a pre-IPO private placement of approximately CHF200 million for newly issued shares, led by minority investors. The transaction will close during the fourth quarter 2022.

How will ABB E-mobility use the funding?

ABB E-mobility will use the proceeds to continue the execution of its growth strategy, driven by both organic and merger and association investments in hardware and software. The private placement includes participation from the long-term equity strategy fund of Interogo Holding, a foundation-owned international investment group based in Switzerland.

moyreal holding ag (moyreal), a Swiss single-family office with a history in the automotive industry and advised by Helvetic Trust AG, and ABB E-mobility Chairman, Michael Halbherr, are participating in the private placement. Interogo Holding and moyreal believe that ABB E-mobility will play a crucial role in the transformation towards a more sustainable society.

ABB E-mobility is a global market leader in building a zero-emission future, with smart, reliable and emission-free EV charging solutions. The company has scaled up its business, through a number of investments, including In-Charge, Chargelab and Numocity, as well as the opening of a state-of-the art production facility in Italy and the US footprint expansion.

ABB remains a committed partner to ABB E-mobility with a shareholding of approximately 92%, providing continued access to funding and supporting its future growth journey.

What were the executives’ thoughts on the funding?

ABB CEO Björn Rosengren commented: “We remain committed to our strategy to separately list our E-mobility business subject to constructive market conditions. 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 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,” says Richard Silén, MD of IH Long-term Equity Advisors AB, the long-term equity arm of Interogo Holding AG.

What are the structural changes at ABB?

Following the appointment of Chairman Michael Halbherr, as well as 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), three additional independent Board members for ABB E-mobility have been named.

Håkan Samuelsson, Annette Köhler and Peter Molengraaf. Also, Richard Silén, MD of IH Long-Term Equity Advisors AB, has been appointed. The Board of Directors, covering expertise across the fields of automotive, energy, finance and digitalization, has been established to govern the division in the spirit of an agile and fast-moving independent company.

Lilja, Morgan Stanley, and UBS acted as financial advisors and Lenz & Stähelin acted as external legal advisors to ABB on the private placement. ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future.

The company’s solutions connect engineering know-how and software to optimize how things are manufactured. Building on over 130 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation.