Carrier Completes Acquisition of Addvolt, Enhancing its Electrification Solutions

"By combining Addvolt's deep expertise in electric systems and power management with Carrier's industry-leading solutions, we are well-positioned to drive innovation beyond refrigerated transportation," said Edward Dryden, President, Climate Solutions Transportation, Carrier. "This strategic partnership creates opportunity for new and emerging applications, while also continuing to build on the success we've already achieved together." 

Addvolt strengthens Carrier's electrification strategy by providing advanced electrification technology, integrated power management and power electronics capabilities, connected in real time by its value-added energy management software, as well as innovative engineering talent. The technology is already in use by Carrier Transicold customers in Europe with the world's first fully autonomous electric trailer refrigeration system, the Vector^® eCool.

"We are thrilled to join forces with a global industry leader, marking an exciting new chapter for Addvolt to push the boundaries of our technological innovation," said Bruno Azevedo, Addvolt Co-founder and Chief Executive Officer. "We are proud of what we have built and are confident that, together with Carrier, we will further advance in our mission to advance electrification."

Founded more than a decade ago, Addvolt was the first investment by Carrier Ventures, the company's global venture capital arm, in 2022. Carrier Ventures' early investment in Addvolt reflects its strategy to identify and scale differentiated technologies aligned with Carrier's growth strategy.

Headquartered in Porto, Portugal, Addvolt has approximately 60 employees who will join the Carrier Climate Solutions Transportation segment.

Linklaters LLP provided external legal counsel to Carrier in this transaction. White Peak Partners acted as financial advisor and CVG Legal as legal counsel to Addvolt in this transaction.

About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.

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SOURCE Carrier Global Corporation