ABB Wins Shore-to-Ship Power Technology Contract In Canada
Zacks Investment Research | Aug 23, 2017 08:33AM ET
Premium robotics and power grid solutions provider ABB Ltd (NYSE:ABB) recently clinched a contract from Vancouver Fraser Port Authority. The project falls under the joint initiative of the federal government and Vancouver Fraser Port Authority to mitigate the environmental impact.
The Shore-to-Ship Power Technology Contract
As per the contract, ABB will provide shore-to-ship power technology solution which would allow ships to connect to the electrical grid of Canadian utility, BC Hydro, in place of using diesel generators. The company has decided to offer the design, engineering and key technology solutions, including the high voltage shore connection system, with control, protection and communication capabilities.
ABB’s technology solution includes substations that can furnish to 50Hz as well as 60Hz vessels along with automation panels and on-board connections. The solution will allow ships to connect to an onshore power source, without interrupting on-board services by shutting down their engines while berthed.
Long-Term Prospects
ABB has garnered a solid reputation for winning strategic awards and forging important partnerships. For instance, it secured a deal with Fluor Corporation (NYSE:FLR) to cater to the growing needs of power grids worldwide for safe, dependable and state-of-the-art electrical substations. Further, the company entered into an agreement to partner with Aibel to deliver offshore wind integration solutions.
Over the past six months, the Zacks Rank #3 (Hold) stock has returned 2.6% against the Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.