As the demand for clean and reliable energy grows, global technology leader ABB has announced a new strategic partnership and minority investment in LevelTen Energy. LevelTen, known as the world’s largest clean energy marketplace, specializes in facilitating power purchase agreements (PPAs) across several markets. This collaboration aims to enhance ABB’s ability to offer comprehensive energy solutions to its industrial and commercial clients.
ABB’s alliance with LevelTen Energy is set to bolster its energy and carbon advisory services. By integrating LevelTen’s market-leading platform with ABB’s expertise in electrification and digital solutions, the partnership promises to streamline the procurement of long-term clean energy solutions. The financial specifics of the investment remain undisclosed.
Businesses today face stringent requirements to decarbonize their operations. The challenge lies in securing steady access to affordable clean electricity. While many organizations have made strides in renewable energy and efficiency, large-scale clean energy sourcing often demands specialized knowledge and long-term agreements. Stuart Thompson, President of ABB’s Electrification Service division, remarked, “Our customers are under real pressure to reduce their carbon footprint while managing energy costs and maintaining reliable, 24/7 operations.”
As regulatory demands continue to evolve, companies are shifting from yearly renewable energy matching to more precise expectations concerning the timing and location of clean energy production and consumption. Here, ABB’s established expertise in technologies like battery storage, microgrids, and advanced energy management proves invaluable. LevelTen’s prowess in clean energy contracting and environmental certificate trading complements these technologies, offering customers robust decarbonization strategies.
The collaboration is poised to create growth opportunities for both entities. ABB stands to benefit from LevelTen’s vast network of clean energy projects, enhancing its service offerings in monitoring and optimization. Conversely, LevelTen gains access to ABB’s strong market presence and industry expertise, particularly within manufacturing, industrial, and commercial sectors, as well as in burgeoning markets such as Asia-Pacific.
Bryce Smith, CEO of LevelTen Energy, noted, “This strategic partnership will generate new clean energy solutions, allowing ABB’s global customers to seamlessly tap into clean power, capacity, and portfolio management tools. Together, we have a real opportunity to help even more customers decarbonize.”
ABB’s recent investment in LevelTen Energy underscores its dedication to fostering partnerships with innovative firms to navigate the complex energy landscape. This move, alongside investments like Gridcog, expands ABB’s capabilities in energy procurement and advisory services, supporting customers in their energy transition endeavors.
Through ABB Electrification Ventures, the venture capital division of ABB’s Electrification sector, the company has invested over $110 million in 18 startups since 2021. This investment is part of ABB Ventures, the company-wide venture capital framework established in 2010, which has invested more than $500 million in startups aligned with ABB’s core sectors of electrification, automation, and motion.
ABB is a global leader in electrification and automation with a focus on sustainability and resource efficiency. With over 140 years of history and a workforce of approximately 110,000, ABB strives to enhance industrial performance and sustainability. The company is listed on the SIX Swiss Exchange and Nasdaq Stockholm. For more information, visit www.abb.com.
LevelTen Energy, founded in 2016, offers a platform connecting energy buyers and sellers for efficient transactions. With operations in over 35 markets in North America and Europe, LevelTen provides a suite of transaction tools and market intelligence to facilitate clean energy procurement. More details can be found at leveltenenergy.com.
Original Story at new.abb.com