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PALM BEACH GARDENS, Fla. – Carrier Global Corporation (NYSE: CARR), a prominent provider of climate and energy solutions with a market capitalization of $60.31 billion, announced the acquisition of its long-term partner Addvolt, S.A., a Portuguese company specializing in transport electrification technology. According to InvestingPro data, Carrier has demonstrated strong market performance with a notable 16.22% return in the past week.
The acquisition is a strategic move for Carrier to strengthen its electrification strategy and expand its capabilities in power management and power electronics. As a prominent player in the Building Products industry generating $22.49 billion in revenue, Carrier continues to demonstrate its commitment to growth. Addvolt is known for its patented electric systems designed for refrigerated transportation, which are non-invasive and require low maintenance. These systems are significant for their ability to reduce fuel consumption and emissions, including noise, particulates, nitrogen oxide, and carbon dioxide. For detailed insights into Carrier’s growth strategy and 12 additional ProTips, visit InvestingPro.
Edward Dryden, President of Climate Solutions Transportation at Carrier, expressed confidence that the partnership would enable the company to innovate beyond refrigerated transportation and explore new applications. Addvolt’s technology, which includes the world’s first fully autonomous electric trailer refrigeration system, the Vector® eCool, is already in use by Carrier Transicold customers in Europe.
Bruno Azevedo, Co-founder and CEO of Addvolt, celebrated the union with Carrier, anticipating that the collaboration will push the envelope in technological innovation. Addvolt’s team of approximately 60 employees will now be integrated into Carrier’s Climate Solutions Transportation segment.
Carrier Ventures, Carrier’s global venture capital arm, made its first investment in Addvolt in 2022, reflecting its strategy to invest in technologies that align with Carrier’s growth objectives.
The acquisition of Addvolt is part of Carrier’s ongoing commitment to creating sustainable solutions. The company has been at the forefront of inventing new technologies and industries and continues to lead with a diverse workforce focused on customer-centric innovation.
The financial terms of the transaction were not disclosed. External legal counsel for Carrier was provided by Linklaters LLP, while White Peak Partners and CVG Legal advised Addvolt.
This acquisition represents Carrier’s dedication to advancing electrification in the transport sector and is based on a press release statement by Carrier Global Corporation.
In other recent news, Carrier Global Corp. reported its first-quarter 2025 earnings, surpassing Wall Street expectations with an adjusted earnings per share (EPS) of $0.65, compared to the forecast of $0.58. The company also exceeded revenue projections, posting $5.22 billion against the anticipated $5.18 billion. Carrier has raised its full-year adjusted EPS guidance to a range of $3.00-$3.10, reflecting optimism in its growth prospects. Analysts have noted the company’s strong operational execution and market demand for its products, contributing to a 27% year-over-year increase in adjusted EPS. In addition, Carrier returned $1.5 billion to shareholders and reduced debt by $1.2 billion during the quarter. The company demonstrated significant improvements across key financial metrics, including a 2% organic sales growth and a 10% rise in adjusted operating profit. Analyst firm Wolfe Research noted the company’s strong performance and positive investor sentiment following the earnings announcement.
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