ABB, the power and automation technology group, is investing alongside the European Union (EU) to set up Nupharo Park, a technology park in the Czech Republic for the development and commercialization of direct current (DC) and other energy technologies that have the potential to reduce energy costs and carbon emissions.
ABB is investing €2.3m ($3m) in the project, while the EU is contributing €12m. Startups and investments in Nupharo Park will be eligible for €800m in EU grants and loans up until 2020.
ABB is participating in Nupharo Park through its venture capital unit, ABB Technology Ventures (ATV), established in 2009.
Tarak Mehta, head of ABB’s low voltage products division, said: “Nupharo Park is another innovative way for ABB to drive advances in energy technology, and neatly complements our own R&D, collaboration with universities and investments in start-up businesses. While the LP division is the first to be engaged in the project, it’s a center which all units of ABB can leverage.”