ABB Approaches 60% Revenue From Eco-Friendly Technology

   By Dieter Holger 
 

ABB Ltd. (ABB.SK) inched closer to achieving 60% of its revenue from technologies that reduce greenhouse-gas emissions, it said Thursday.

The Swiss-Swedish engineering giant earned 57% of its revenue from eco-efficient products, solutions and services in 2018, up slightly from 56% in 2017, as it works toward 60% by 2020, according to the company's annual reports.

ABB's engineering is present in utilities, factories, transport and infrastructure. One of the increasingly popular eco-friendly products the company offers are electric-vehicle charging stations.

The company said it received multiple orders for EV charging stations in several countries in 2018, including for its new fast-charging station, the Terra HP, which can add up to 200 kilometers of range to an EV in eight minutes. More than 6,500 of the stations are currently active across 60 countries.

"The development of EV charging markets accelerated sharply during 2018," ABB said.

ABB is set to benefit from the first European Union-specific standards for heavy-duty vehicles that lawmakers agreed to this February, which require trucks sold from 2025 to emit 15% less carbon dioxide and those sold from 2030 to emit 30% less. The European Automobile Manufacturers' Association has said EU countries will need to roll out more charging stations to meet the targets.

Write to Dieter Holger at [e-mail]; @dieterholger

(END) Dow Jones Newswires

March 28, 2019 08:29 ET (12:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.