ABB and the European Investment Bank (EIB), the lending arm of the European Union, have signed a €۵۰۰ million financing agreement to support ABB’s research and development in its Electrification business area.
Global demand for electricity is growing 10 times faster than other energy sources.1 Addressing this increasing demand in the context of the energy transition, ABB plans to use the EIB funding to design and develop next generation electrical distribution solutions. Development efforts will include solid-state circuit breakers, eco-friendly switchgear, and technology that enhances building efficiency and automation.
ABB’s solutions are used for example in commercial buildings, industrial operations or microgrids. The funding will support R&D projects in Germany, Italy, the Czech Republic, Finland, Norway, Poland, Switzerland and several other European countries.