Eaton – Eaton signs agreement to acquire COL Group, expanding manufacturing capacity and capabilities for data center and utility markets in EMEA

EMR Analysis

More information on Eaton: See full profile on EMR Executive Services

More information on Paulo Ruiz Sternadt (Chief Executive Officer, Eaton): See the full profile on EMR Executive Services

More information on David Foster (Senior Leadership Team – Executive Vice President and Chief Financial Officer, Eaton): See full profile on EMR Executive Services

More information on Eaton’s 2030 Growth Strategy (Lead, Invest and Execute for Growth) by Eaton: See full profile on EMR Executive Services

 

 

More information on Electrical Sector by Eaton: See the full profile on EMR Executive Services

More information on Heath Monesmith (Senior Leadership Team – President and Chief Operating Officer, Electrical Sector + Corporate Responsibility for Eaton’s Europe, Middle East and Africa Region, Eaton): See the full profile on EMR Executive Services

More information on Mike Yelton (Senior Leadership Team – President, Electrical Sector, Americas Region, Eaton): See the full profile on EMR Executive Services

More information on Omar Zaire (Senior Leadership Team – President, Europe, Middle East and Africa Region, Corporate and Electrical Sector, Eaton): See full profile on EMR Executive Services

 

 

 

More information on Oaktree, Part of Brookfield: https://www.oaktreecapital.com/ + Multi-decade leadership in alternative credit. Since 1995, Oaktree has been a global leader in alternative investment management.

Our deep expertise investing across the capital structure has allowed us to cultivate a diversified mix of global investment strategies in three categories: credit, equity, and real estate. We emphasize an opportunistic, value-oriented and risk-controlled approach to investing in these asset classes – part of our DNA for over 30 years.

Brookfield and Oaktree establish partnership om 2019. In 2026, Brookfield completed its full acquisition of Oaktree within its broader ecosystem of businesses and offerings.

Brookfield’s owner-operator heritage and Oaktree’s deep credit capabilities create a powerful platform that combines scale, expertise and vision to deliver comprehensive solutions for institutions and individuals alike.

More information on Robert O’Leary (Co-Chief Executive Officer, Oaktree, Part of Brookfield): https://www.oaktreecapital.com/about/leadership + https://www.linkedin.com/in/robert-o%E2%80%99leary-ab60421b5/ 

More information on Armen Panossian (Co-Chief Executive Officer, Oaktree, Part of Brookfield): https://www.oaktreecapital.com/about/leadership + https://www.linkedin.com/in/armenpanossian/ 

More information on COL Group by Oaktree, Part of Brookfield: https://colgp.it/en/ + COL GROUP is an industrial group with over a century of experience, specialising in the development of technological solutions for power transmission and distribution.

Founded in 1920, it has evolved into a benchmark in the power infrastructure and electromechanical sectors, thanks to an approach driven by innovation, quality, and sustainability.

With operational sites in Turin, Milan, Bergamo, and Catania, COL GROUP has a strong presence across Italy and is actively expanding into international markets, operating in a strategic, fast-growing sector.

• €177 M – 2024 revenue
• + 3000 clients
• +450 people
• 60.000 sqm covered manufacturing area

COL Group is a leading provider of critical components and solutions for medium and high voltage electrical infrastructure. Founded in the 1920s and headquartered in Turin, Italy, COL Group has been working with key global utilities and industrial players and has developed a highly innovative technology portfolio in medium voltage switchgear, substation automation, battery control systems and several other smart grid applications. COL was acquired in partnership with management in 2021.

More information on Calogero Saeli (Chief Executive Officer, COL Group, Oaktree, Part of Brookfield): https://colgp.it/en/calogero-saeli-appointed-new-ceo-of-col-group/ + https://www.linkedin.com/in/calogerosaeli/ 

 

 

 

 

 

 

 

 

 

 

 

EMR Additional Notes:

• Extra Low-Voltage (ELV):
  • Extra-Low Voltage (ELV) is defined as a voltage of ≤ 50 V AC (RMS) or ≤ 120 V DC (ripple-free).
  • ELV systems are typically used where electrical safety is critical (e.g., building automation, control circuits, lighting, telecom).
• Low-Voltage (LV):
  • The International Electrotechnical Commission (IEC) defines Low Voltage (LV) for supply systems as voltage in the range > 50–1000 V AC or > 120–1500 V DC.
• Medium-Voltage (MV):
  • Medium Voltage (MV) is a voltage class that typically falls between low voltage and high voltage, with a common range being from > 1 kV up to ~30–36 kV (typical IEC practice).
  • Some regions (e.g., North America) extend MV up to ~69 kV, depending on utility definitions.
• High-Voltage (HV):
  • The International Electrotechnical Commission defines high voltage as above 1000 V AC and above 1500 V DC.
  • In practice, HV is often considered from ~36 kV up to ~230 kV in transmission systems.
• Super High-Voltage or Extra High-Voltage (EHV): 
  • Extra High-Voltage (EHV) is the voltage class used for long-distance bulk power transmission. The range for EHV systems is typically from ~220 kV to ~765–800 kV. “Super High Voltage” is not a standard IEC term.
• Ultra High-Voltage (UHV): 
  • Ultra High-Voltage (UHV) is the highest voltage class used in electrical transmission, defined as a voltage of ≥ 800 kV (AC) and ≥ 800–1000 kV (DC, depending on classification).

 

 

 

• F-Gases: 
  • F stands for fluorinated, and F-gas is the term used to describe a particular family of fluorinated gases (synthetic, human-made gases containing fluorine) which are widely used as refrigerants in air conditioning and commercial refrigeration systems as well as in electrical equipment, fire protection systems, and medical applications.
  • Fluorinated greenhouse gases (F-gases) are a family of gases containing fluorine. They are powerful greenhouse gases that trap heat in the atmosphere and contribute to global warming.
  • They are often thousands of times more potent than CO₂ in terms of global warming potential (GWP) and their use is strictly regulated (e.g., under EU F-Gas Regulation and international climate frameworks).
  • Main categories of F-gases include:
    • HFCs (Hydrofluorocarbons): refrigeration / HVAC
    • PFCs (Perfluorocarbons): industrial processes
    • SF₆ (Sulfur hexafluoride): electrical insulation
    • NF₃ (Nitrogen trifluoride): electronics manufacturing
• SF6: 
  • Sulfur hexafluoride (SF₆) is a synthetic fluorinated compound with an extremely stable molecular structure.
  • Because of its unique dielectric properties, electric utilities rely heavily on SF₆ in electric power systems for:
    • voltage insulation
    • current interruption
    • arc quenching
  • (particularly in high-voltage switchgear such as Gas-Insulated Switchgear (GIS)) used in transmission and distribution networks.
  • Yet, it is also the most potent greenhouse gas known to date in terms of GWP. Over a 100-year period, SF₆ is ~23,500 times more effective at trapping infrared radiation than CO₂.
  • SF₆ is also a very stable chemical, with an atmospheric lifetime of ~3,200 years, meaning it accumulates in the atmosphere with virtually no natural degradation.
  • Thus, even relatively small emissions can have a significant long-term impact on climate change.
  • Global annual emissions are approximately 8,100 tonnes, which corresponds to very high CO₂-equivalent emissions due to its extreme GWP.
  • It is expected to grow by ~75% by 2030 (driven by grid expansion and electrification).
  • ~80% of all SF₆ is used in gas-insulated switchgear (GIS), making it a critical issue for the power transmission and distribution sector.

 

 

 

• Switchgear (Core Concept):
  • Broad term that describes a wide variety of switching devices that all fulfill a common need: controlling, protecting, and isolating electrical power systems.
    It also includes devices for protection, switching, isolation, and in some cases measurement (metering), although metering is typically handled by dedicated instruments.
  • Switchgear contains fuses, switches, and other conductive and protective components. However, circuit breakers are typically the primary and most critical component in modern switchgear.
  • It performs the function of controlling and protecting (not “metering” as a primary function) the flow of electrical power, as well as interrupting fault currents to prevent damage to equipment and ensure safety.
  • There are three types of switchgear, namely:
    • LV (Low Voltage)
    • MV (Medium Voltage)
    • HV (High Voltage)

 

• Fuses (Core Protection Devices):
  • A fuse is a single-use overcurrent protection device that interrupts a circuit by melting a calibrated conductor when excessive current flows.
  • Fuses are widely used from low voltage (LV) up to medium voltage (MV) and, more rarely, high voltage (HV) applications.
  • It is an electrical safety device whose essential component is a metal wire or strip that melts when too much current flows, thereby interrupting the current.
• Circuit Breakers (Core Protection Devices):
  • A circuit breaker is a mechanical electrical switch designed to protect an electrical circuit from damage caused by overcurrent, overload, or short circuit.
  • Its basic function is to interrupt current flow automatically upon fault detection (either via internal thermal/magnetic mechanisms in LV systems or external protection relays in MV/HV systems).
  • Unlike fuses, circuit breakers are resettable and reusable.
• Disconnectors (Core Protection Devices): 
  • A disconnector (also known as Isolator) is a mechanical switching device operated manually (or motorized) and only under no-load conditions to provide safe isolation.
  • They are used to isolate equipment for maintenance and ensure visible and verifiable separation from live circuits (critical for safety procedures).
• Contactors (Core Protection Devices): 
  • A contactor is a remotely operated electrical switch used for frequent switching of circuits, especially motors.
  • It is a special type of relay designed for higher current applications.
  • Contactors cannot interrupt fault currents and therefore must always be used in combination with protective devices such as fuses or circuit breakers.

 

• Fuse Switch-Disconnectors (Hybrid – Combined Devices):
  • A fuse switch-disconnector combines both protection and safe manual isolation in one device; it provides overcurrent protection like a fuse, and it also allows for manual disconnection of the circuit for isolation purposes.
• RCCB  – Residual Current Circuit Breakers (Hybrid – Combined Devices): 
  • Protects against earth leakage (residual current) and electric shock.
  • It does not protect against overload or short circuit and must therefore be used together with an MCB or fuse.
• RCD  – Residual Current Devices (Hybrid – Combined Devices): 
  • General term for devices that disconnect circuits upon detecting leakage current.
  • Trips typically within 10–50 ms, protecting against electrocution and fire.
• RCBO – Residual Current Breakers with Over-Current (Hybrid – Combined Devices): 
  • An RCBO protects against overcurrent + earth leakage in one device. It is a combination of:
    • MCB (overcurrent protection)
    • RCD (earth leakage protection)

 

• Circuit Breakers (By Application / Technology):
  • MCB (Miniature Circuit Breakers): 
    • Used in domestic and light commercial installations.
      • Rated current: typically up to 100–125 A
      • Protects against overload and short circuit
    • Widely replacing fuses in LV installations due to reset capability and ease of use
  • MCCB (Molded Case Circuit Breakers): 
    • Used in industrial and commercial systems.
      • Rated current: up to ~2500 A
      • Higher breaking capacity than MCB
    • Often includes adjustable trip settings for more precise protection
  • ACB (Air Circuit Breakers): 
    • Uses air as the arc insulating / quenching medium.
    • Used in low voltage but high current applications (e.g., main incomers in buildings)
  • VCB (Vacuum Circuit Breakers): 
    • Uses vacuum for arc quenching.
    • Common in medium voltage systems
  • OCB (Oil Circuit Breakers): 
    • Uses insulating oil for arc quenching.
    • Now largely obsolete / being phased out due to fire risk, maintenance complexity, and environmental concerns
  • Solid-State Circuit Breakers (also known as Semiconductor Circuit Breaker):
    • Electronic devices using semiconductors to interrupt current extremely fast (microseconds).
      • No moving parts
      • Used in DC systems, data centers, EVs
    • Key advantage: ultra-fast fault interruption compared to mechanical breakers
  • Hybrid Circuit Breakers:
    • Combine mechanical + solid-state switching for:
      • fast response
      • low losses
  • PTCB eFuse Circuit Breaker:
    • An Electronic eFuse Circuit Breaker (PTCB) is an electronic micro fuse for DIN rail protecting very low currents (typically below 1A in control and electronics circuits) to facilitate clear fault detection and precise fault localization.
    • Response times are shorter compared to conventional fuse protection and the exact current value can be adjusted at any time

 

• Specialized Fuses:
  • Reducer Fuses:
    • A reducer fuse is not a fuse itself, but rather an adapter that allows a physically smaller fuse to be installed into a larger fuse holder. A fuse reducer typically consists of a non-conductive, insulating body that encases the smaller fuse.
  • Electrified Vehicle (EV) Fuses:
    • EV fuses are specialized safety devices designed to protect the high-voltage DC systems in electric vehicles.
    • Specialized for:
      • High-voltage DC (500–1000V+)
      • High fault currents
      • Harsh environments (temperature, vibration)
    • Also designed to safely interrupt DC arcs, which are more difficult to extinguish than AC arcs

 

• Switchgear Technologies:
  • AIS (Air Insulated Switchgears):
    • Uses air as insulation.
    • Common in MV and HV outdoor substations due to simplicity and lower cost
    • AIS controls, protects and isolates electrical equipment in power transmission and distribution systems.
  • GIS (Gas Insulated Switchgears): 
    • Uses SF₆ gas (or alternatives) for insulation.
    • It is a compact metal encapsulated switchgear consisting of high-voltage components such as circuit-breakers and disconnectors, which can be safely operated in space-constrained environments (e.g., cities).
  • Pad-Mount Switchgears:
    • Outdoor, ground-mounted distribution switchgear used in utility and commercial networks
    • The pad-mount switchgear is made from the same modular switch and interrupter components as the vault switchgear. This means all components are sealed, submersible and protected, so you don’t have to worry about tracking, animal infestation, corrosion or the effects of condensation inside the enclosure.
  • Ring Main Unit (RMU):
    • A ring Main Unit (RMU) is a Medium-Voltage, gas-insulated, fully sealed cabinet used to measure, connect, and integrate transformer protection functions with a fixed type breaker. Ring Main Units are safe, reliable, low-maintenance, and easy to replace switchgear.
    • A Ring Main Unit (RMU) is a factory assembled, metal enclosed set of switchgear used at the load connection points of a ring-type distribution network.
  • Dead Tank Circuit Breaker (DTB):
    • A Dead Tank Circuit Breaker (DTB) is a high-voltage, air-insulated switchgear where the interrupter units are housed in a grounded, metallic tank filled with insulating gas (typically SF6 or eco-friendly alternatives). It provides superior safety, seismic resistance, and allows for direct integration of current transformers, making it ideal for substation applications up to 800 kV.

 

• Distribution Systems:
  • Load Center (Residential Distribution) – Panel Board (Commercial/industrial LV Distribution) – Switch Board (Large-scale industrial/commercial systems):
    • A Load Center is used in residential and light commercial applications to distribute electricity supplied by the utility company throughout the home or building to feed all the branch circuits. Each branch circuit is protected by the circuit breaker housed in the load center.
    • Panelboards are typically deeper and used in commercial/industrial LV systems, supporting more configurations.
      • Panelboards are only accessible from the front while  Switchboards allow rear access as well.
    • Switchboards are used in large commercial and industrial systems and can handle higher currents and more complex distribution architectures.
  • Distribution Box – Cabinets – Enclosures:
    • General term for protective housings for electrical distribution components.
    • Enclosures provide mechanical protection, electrical safety, and environmental isolation (dust, moisture, etc.)
    • It can refer to enclosures containing Panelboards, Switchboards, or other distribution equipment.
    • In terms of use, distribution boxes are generally used for households (smaller enclosures), and distribution cabinets are mostly used for centralized power supply. Distribution boxes and cabinets are complete sets of equipment. Distribution boxes are low-voltage complete sets of equipment. Cabinets have both high and low voltages.
    • An enclosure or distribution enclosure in a general term for any type of protective housing for electrical distribution components. It’s essentially a cabinet or box designed to safeguard components from environmental factors, prevent electrical shock, and potentially shield against electromagnetic interference.

 

• Distribution Hierachy:
  • Main Distribution Boards (MDB):
    • Primary distribution point receiving power from:
      • Utility
      • Transformer
      • Generator
    • An MDB is a panel or enclosure that houses the fuses, circuit breakers and ground leakage protection units where the electrical energy, which is used to distribute electrical power to numerous individual circuits or consumer points, is taken in from the transformer or an upstream panel.
  • Sub-Distribution Boards (SDB):
    • Subsidiary from Main Distribution Board that distribute electricity to specific areas/zones of a building.
    • A sub-distribution board or sub-board is usually a smaller breaker panel acting as a subsidiary to a larger Distribution Panel. This enables greater control and isolation of a subset of smaller circuits and breakers.
  •  Final Distribution Boards (FDB):
    • Distribution Boards that received from the Sub-Distribution Boards and supply to the final switches that connect electrical devices and appliances.

 

• Meter Cabinet (Meter Box): 
  • This is the entry point for utility power into a building. It houses the electricity meter that measures power consumption and the main fuses belonging to the utility company.
  • Typically sealed and controlled by the utility to prevent tampering with unmetered energy

 

 

 

• Grid, Microgrids, DERs and DERM’s:
  • Grid / Power Grid:
    • The power grid is a network for delivering electricity to consumers. The power grid includes power generation facilities, substations, transmission lines and towers, distribution networks, protection and control equipment, and associated communication and monitoring infrastructure.
      • The grid continuously balances electricity generation and consumption while maintaining system stability and power quality, supplying electricity for applications ranging from industry to household appliances.
      • Electric grids perform three major functions or stages of electricity supply: power generation, transmission, and distribution. Grid operation also includes functions such as system balancing, protection, control, monitoring, and, increasingly, energy storage and demand-side management.
  • Microgrid:
    • A microgrid is a group of interconnected loads and distributed energy resources (DERs) within clearly defined electrical boundaries that acts as a single controllable entity with respect to the main grid and can operate either connected to the main grid or, when appropriately designed, intentionally and controllably in an islanded mode.
      • Microgrids can integrate local generation, energy storage, controllable loads, and other DERs to improve resilience, flexibility, efficiency, or local energy management.
  • Smart Grid:
    • A smart grid is an electrical grid enhanced with digital communications, sensing, automation, control, and data/analytics technologies across generation, transmission, distribution, and/or customer-side systems to improve the monitoring, operation, efficiency, reliability, resilience, and flexibility of the power system.
  • Distributed Energy Resources (DERs): 
    • Distributed energy resources (DERs) are relatively small-scale electricity generation, storage, and flexible demand resources, located at or near the distribution system or customer premises, that can supply, store, or modify electricity consumption and are interconnected to the electric grid. They are often located close to load centers and can be used individually or in aggregate to provide value to the grid.
      • Common examples of DERs include rooftop solar PV units, small wind turbines, small gas-fired generators or engines/turbines, microturbines, biomass generators, fuel cells, combined heat and power (CHP) or tri-generation systems with electrical generation, battery storage, electric vehicles and controllable EV charging or discharging where they can provide grid flexibility, and demand response applications.
  • Distributed Energy Resources Management Systems (DERMS):
    • Distributed Energy Resources Management Systems (DERMS) are software platforms that help utilities, distribution system operators (DSOs), aggregators, and other energy-sector organizations monitor, provide visibility into, forecast, coordinate, optimize, and, where supported, control distributed energy resources (DERs).
      • DERMS can be used to aggregate and coordinate large numbers of DERs and flexible loads for grid services, including voltage and power-flow management, congestion and constraint management, balancing, flexibility services, resilience, and participation in demand-response or other electricity markets. DERMS can be defined in many ways, depending on the use case, the types of DERs being managed, the responsibilities of the organization using the system, and the architecture of the power system.

 

 

 

• Power Utility – Utilities:
  • Also known as an electric utility or power company, a power utility is an organization (public or private) responsible for the generation, transmission, distribution, and sometimes retail supply (sale) of electricity to consumers. Depending on the electricity market structure, a power utility may perform one, several, or all of these functions.
  • They often operate in regulated or partially liberalized markets, and are major providers of energy in most countries. Electricity transmission and distribution networks are generally regulated because they are natural monopolies, while generation and retail supply may be competitive in liberalized markets.
  • Depending on the market structure, these functions may be vertically integrated (one company does everything) or unbundled across multiple entities (e.g., generation companies, transmission system operators, distribution network operators, retailers). In unbundled markets, these activities are separated among specialized organizations, although they remain interconnected within the overall electricity system.
  • Utilities are critical infrastructure operators, ensuring reliability, grid stability, and continuous power supply to residential, commercial, and industrial users. However, responsibility for reliability and system operation may be divided among utilities, transmission and distribution system operators, and other electricity-sector organizations, and continuous supply cannot be guaranteed because outages and other disturbances can occur.

 

 

 

• Chip, Computer Chip and Integrated Circuit (IC):
  • An integrated circuit (IC) is an electronic circuit in which electronic components such as transistors, diodes, resistors, capacitors, and their interconnections are fabricated together in or on a semiconductor substrate, typically silicon. ICs can contain from a few components to billions of transistors and are manufactured on semiconductor wafers, which are subsequently separated into individual dies.
  • Terms are often used interchangeably but there are subtle differences:
    • Chip: Is the most general informal term. It commonly refers to a semiconductor die or an integrated-circuit device, although the exact meaning depends on context. A chip can contain an IC and may subsequently be packaged for use in an electronic system.
    • Integrated Circuit (IC): This is the technical term for an electronic circuit whose components and interconnections are fabricated together as an integrated structure, typically on a semiconductor substrate. It describes the electronic functionality implemented in the integrated circuit, rather than simply the physical piece of semiconductor material.
    • Die: A die is an individual piece of semiconductor material containing an IC or other semiconductor device, separated from a processed wafer during semiconductor manufacturing. A die is commonly packaged before being used as a finished semiconductor component.
    • Computer Chip: This term is an informal, broad term for a semiconductor device or IC used in a computer or computing system, such as a microprocessor/CPU, memory device, graphics processor/GPU, or other processor or accelerator.
• AI Chips:
  • Artificial intelligence (AI) chips are semiconductor processors or accelerators optimized for the computational workloads used by AI and machine-learning systems. They are designed to efficiently perform operations such as matrix and vector computations, tensor operations, and other highly parallel workloads used in neural-network training and inference. AI chips can support applications including generative AI, computer vision, speech processing, recommendation systems, and natural-language processing (NLP).
  • AI chips can be based on different architectures and technologies, including GPUs, CPUs with AI acceleration, NPUs, TPUs, ASICs, FPGAs, and other specialized accelerators. They are not necessarily a single standardized category of semiconductor device.
  • Chips are made primarily from semiconductor materials, with silicon being the dominant substrate material for mainstream integrated circuits. Other semiconductor materials, including compound and wide-bandgap materials, are used for specific applications.
  • Taiwan is a major global center for semiconductor manufacturing, including advanced semiconductor fabrication, with Taiwan Semiconductor Manufacturing Company (TSMC) being one of the world’s leading semiconductor foundries. The geographic distribution of semiconductor manufacturing and the relative share of advanced-node production are dynamic market characteristics.
  • NVIDIA uses external semiconductor foundries, including TSMC, to manufacture many of its advanced processors and accelerators. The specific manufacturing arrangements and process nodes used for individual NVIDIA products vary by generation and product.
• Grid-to-Chip:
  • “Grid-to-chip” is an expression used mainly in data-center, power-delivery, and AI-infrastructure contexts.
  • It describes the end-to-end electrical power-delivery chain from the utility/grid connection to the semiconductor device, including the intermediate electrical distribution and power-conversion stages required to deliver usable power to computing equipment and ultimately to the chip. Depending on the architecture, these stages can include transformers, switchgear, generators, UPS systems, power distribution equipment, power supplies, voltage regulators, and point-of-load or on-package power-conversion stages.
  • The term emphasizes the complete power path and the increasing importance of power delivery and conversion as computing and AI power densities increase.
• System-On-a-Chip:
  • A System-on-a-Chip (SoC) is an integrated circuit that combines multiple major functional blocks of a computer or electronic system onto a single semiconductor chip. Depending on its application, an SoC may integrate components such as one or more CPUs, GPUs or other accelerators, memory controllers, interfaces, security functions, communication/connectivity blocks, and peripheral controllers.
  • Rather than implementing the system using separate ICs for each major function, an SoC integrates many of these functions into a single chip, reducing physical size, inter-chip communication, power consumption, and potentially system cost.
  • External components may still be required, such as memory, storage, power-management components, sensors, antennas, or other specialized devices, depending on the system.