Elektrowatt

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Elektrowatt was a Swiss holding company based in Zürich. Founded in 1895 as Elektrobank to finance, build, and operate electricity companies, it later expanded into the industrial sector before being split up in 1998. The company was founded in 1895 in Zürich under the name Elektrobank by the Berlin firm Allgemeine Elektricitäts-Gesellschaft (AEG), which was seeking new markets. Constituted as a holding company, the bank's purpose was the financing, construction, and operation of electricity companies. At the outset its assets were invested mainly in Germany (50%) and Italy (20%). After the First World War the company had to be reorganized, with the capital reduced twice. Elektrobank subsequently reduced its commitments in Germany in favor of Spain, France, and the United States. In view of the difficulties facing the international electricity market because of the Second World War, the company devoted itself more to developing power stations in the Swiss Alps. The adoption of the name Elektrowatt in 1946 gave effect to the strategy, already decided in 1935, of extending its activities into the industrial sector. Having become an industrial holding, Elektrowatt was no longer subject to the banking law.