ABB won't rush float of $2.9 billion electric vehicle charging business - CEO

ABB-RESULTS-EV:ABB won't rush float of $2.9 billion electric vehicle charging business - CEO - Copyright Thomson Reuters 2023

By Reuters

Published on 02/02/2023 - 14:10

ZURICH – ABB won’t be rushed into the flotation of it 2.6 billion Swiss franc ($2.86 billion) E-Mobility electric vehicle charging business, Bjorn Rosengren said on Thursday after the company reported fourth quarter earnings.

“At the moment we don’t feel pushed to do an IPO very quickly,” Rosengren told reporters. ABB announced on Wednesday a four new investors in the business, including a fund linked to former U.S. Vice President Al Gore.

“We have $525 million to invest in the company and we will continue to do all the activities to grow that business,” Rosengren said. “If it’s going to be the end of this year or next year, time will tell.”

($1 = 0.9091 Swiss francs)