Global technology company ABB (NASDAQ:ABB) has acquired 93% of BrightLoop, marking a step in the group’s strategy to accelerate electrification across mining, industrial mobility and marine propulsion.
Founded in 2010, BrightLoop developed high-performance DC/DC converters, originally developed for motorsports and now used in every car on the ABB FIA Formula E grid.
ABB President Edgar Keller says this transaction is a milestone that strengthens its position in the electrification space.
BrightLoop CEO Florent Liffran says this is an exciting new chapter for the company and its 90 employees.
“With ABB’s global scale and shared commitment to innovation, we’re looking forward to accelerating our growth and continuing to deliver cutting-edge power electronics to the industries that need them most,” Liffran says.
Both companies are set to expedite the shift to cleaner, smarter, and more efficient energy systems.
ABB has over 140 years of history and around 110,000 employees worldwide, focused on connecting its engineering and digitalisation expertise.
Write to Aaliyah Rogan at Mining.com.au
Images: ABB
