By Pierre Bertrand

ABB Ltd. said Monday that its e-mobility unit has raised around 200 million Swiss francs ($209 million) through newly-issued shares to new minority investors ahead of its planned initial public offering.

The placement includes the participation of Interogo Holding, Moyreal Holding and E-mobility Chairman Michael Halbherr, the Swiss technology company said.

ABB said that it now holds approximately 92% of ABB E-mobility shares and that the unit will use the funds for its growth strategy.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

November 21, 2022 02:55 ET (07:55 GMT)

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