Carrier announced it has acquired long-term partner Addvolt, a Portuguese transport electrification technology company. Addvolt provides noninvasive and low-maintenance electric systems with refrigerated vans, trucks, trailers, and containers. Its plug-in electric systems for refrigerated transportation markets avoid fuel usage and reduce major emissions, including noise, particulates, nitrogen oxide, and carbon dioxide.
Addvolt enhances 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, and innovative engineering talent. And 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.
Founded over 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 of identifying and scaling differentiated technologies aligned with Carrier’s growth strategy.
Based in Porto, Portugal, Addvolt has about 60 employees who will join the Carrier Climate Solutions Transportation segment.
Advisor/counsel: Linklaters provided external legal counsel to Carrier in this transaction. White Peak Partners acted as financial advisor and CVG Legal as legal counsel to Addvolt.
KEY QUOTES:
“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. This strategic partnership creates opportunity for new and emerging applications, while also continuing to build on the success we’ve already achieved together.”
Edward Dryden, President, Climate Solutions Transportation, Carrier
“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. 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.”
Bruno Azevedo, Addvolt Co-founder and Chief Executive Officer
