ABB Ltd.(ABB - Analyst Report) recently received an order worth approximately $10 million from Landsnet, a transmission system operator in Iceland. The contract involves supplying a high-voltage submarine and underground power-cable system, primarily to transport electricity from the mainland to the volcanic island of Heimaey.
Among the Vestmannaeyiar archipelago, which is off the southern coast of Icleand, Heimaey is the only island, which is populated primarily by the fishing community.
The new high-voltage submarine and underground cable-system that will be delivered by ABB will replace the existing one that is expected to expire. The cable-system to be built by ABB is expected to increase the transmission capacity of the already existing power link to ensure uninterrupted and dependable electricity supplies for the people in Heimaey Island.
ABB will be responsible for the design, engineering, submarine cable laying joints and terminations, testing and commissioning. ABB is a renowned supplier of high-voltage cable systems and setting up of services for submarine and underground power transmission applications.
The entire length of the cable-system of 17.5 kilometers will be delivered by ABB, which will also comprise a 13km submarine section, a 4.5 km underground section and a fiber-optic cable primarily for telecommunications and temperature control.
With an experience and expertise of more than 100 years in cable systems, ABB has a proven record of ground-breaking increasingly competent, dependable and proficient high-voltage cable technologies, including the world’s longest and most powerful AC and DC power cables.
Based in Zurich, Switzerland, ABB Ltd. is a power and automation technology company and currently has a Zacks Rank #2 (Buy). One of the company’s competitors, which is worth considering at this moment is Franklin Electric (FELE - Snapshot Report), which also has a Zacks Rank #2 (Buy).
Another competitor, Emerson Electric Company (EMR - Analyst Report) is good pick despite it being a Zacks Rank #3 stock, given the company’s performance and the number of new orders it is receiving.