ABB acquires minority stake in LevelTen Energy
ABB has acquired a minority stake in LevelTen Energy. By entering into this strategic partnership with the sustainable energy marketplace, ABB is expanding its energy and CO2 advisory services with a view to supporting companies in their efforts to minimize their carbon footprint and procure renewable energies.
ABB has agreed a strategic partnership with LevelTen Energy and at the same time acquired a minority stake in the company from Seattle in the US State of Washington. LevelTen Energy operates the world’s largest marketplace for clean energy, as detailed in a statement.
Among other activities, the company brokers Power Purchase Agreements (PPAs) and has already facilitated transactions in both North America and Europe with an overall volume of more than 20 gigawatts of clean energy. The investment is being made through ABB Electrification Ventures, which is the venture capital arm of ABB’s Electrification business area.
Through this partnership, ABB is strengthening its energy and CO2 advisory services. In future, the aim will be to support industrial and commercial customers more extensively in procuring renewable energy and implementing their decarbonization strategies within an increasingly complex energy market.
The background to the collaboration is the growing pressure on companies to minimize CO2 emissions while at the same time keeping energy costs in check and securing reliable operations. “Our customers are under real pressure to reduce their carbon footprint while managing energy costs and maintaining reliable, 24/7 operations”, comments Stuart Thompson, President of Electrification Service division at ABB, in the statement.
Moreover, as ABB explains in the statement, an increasing number of companies are moving beyond annual renewable energy matching and towards more stringent expectations around when and where clean energy is generated and consumed. To this end, ABB combines its expertise in energy management, battery energy storage systems and microgrids with LevelTen’s capabilities in clean energy contracting and trading environmental attribute certificates (EACs).
The companies have agreed not to publicly disclose the financial details of the transaction.
Source: swisstrade
https://swisstrade.com/news