ABB has entered into two significant partnerships aimed at advancing sustainability in different sectors. The Swiss-Swedish multinational corporation, which is a prominent player in the Electrical Equipment industry according to InvestingPro Tips, is collaborating with Altilium to explore automation, electrification, and digital solutions in European battery recycling plants, and with Samskip to provide advanced power systems for eco-friendly ships.
On Wednesday, ABB announced its partnership with Altilium, a UK-based battery materials company. Their joint venture focuses on increasing battery material recycling, with ABB's technologies potentially being implemented in a UK plant catering to 20% of the country's battery material requirements. This partnership is in line with ABB's accelerating revenue growth, which has seen an 8.47% increase in the last twelve months (LTM2023.Q2), as per InvestingPro's real-time metrics. The partnership also extends to Altilium's UK pilot scheme that produces Cathode Active Material (CAM) from used EV batteries, the retrofitting of Altilium's SX-EW facility, and a Teesside plant development. Dr Christian Marston of Altilium and Staffan Sodergard from ABB are spearheading this collaboration.
On the same day, ABB India Limited disclosed its collaboration with Samskip, a global logistics company based in Iceland. They will provide advanced power systems for two ENOVA co-funded short-sea container ships. These vessels will operate between Oslo Fjord and Rotterdam using a 3.2 MW hydrogen fuel cell each and diesel generators as backups. This project aligns with the International Maritime Organization’s revised greenhouse gas reduction strategy and could avoid 25,000 tons of CO2 emissions annually.
Madhu S Nair of Cochin Shipyard, which is constructing the vessels, highlighted their commitment to sustainable technology and India’s vision for environmentally friendly ships. ABB Ability™ Remote Diagnostic Systems will facilitate round-the-clock support, while green shore power will be used at ports.
The collaborations exemplify ABB's commitment to sustainable practices across different industries - from recycling battery materials to reducing emissions in maritime transport. ABB's commitment has also been reflected in its financial performance, with the company trading at a high Price / Book multiple and maintaining dividend payments for 18 consecutive years, as per InvestingPro Tips. For more insights like these, check out the InvestingPro product which includes additional tips.
ABB's market cap stands at an impressive $69,516.24 million, and analysts predict the company will continue to be profitable this year, according to InvestingPro's real-time metrics. With a P/E ratio of 19.34 and a gross profit margin of 34.46%, ABB's financial stability is evident. The company's future looks promising with the next earnings date set for October 18, 2023.
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