In accordance with the agreement signed on 17 December 2018, Hitachi and ABB have announced the completion of all required procedures as planned and the formation of Hitachi ABB Power Grids Ltd. on 1 July 2020. Hitachi has an 80,1% stake in this new joint venture entity, which has a business volume of approximately US$10 billion, and ABB holds the balance.
Toshikazu Nishino, executive vice president of Hitachi, is the chairman of the new entity and Claudio Facchin, the chief executive officer. The new entity is headquartered in Zurich, Switzerland. The current management team will ensure business continuity.
“Hitachi’s leading digital technologies, merged with world-class power grid solutions, will help us to play an active role in the global transformation and decarbonisation of energy systems for a sustainable energy future,” said Nishino. “Intelligent solutions for a more dynamic grid will also contribute to the UN’s Sustainable Development Goal 7 of ‘affordable, reliable and clean energy’.”
The joint venture brings together two highly respected companies to create a new global power leader. The alliance with Hitachi will facilitate expansion opportunities for the new entity in areas such as mobility, smart cities, industry, energy storage and data centres, besides providing financial muscle to support ambitious projects and enabling access to Japan, the third-largest economy in the world.
“Synergies and access to new and growing markets provided by Hitachi will help take Power Grids to the next stage of its development, further strengthening its leading position,” said Timo Ihamuotila, chief financial officer of ABB and director of the board of Hitachi ABB Power Grids. “Hitachi brings long-term commitment to the new entity and strengthens the existing business partnership between our companies.”
“Combining our respective technology strengths will bring us new market opportunities and enable us to deliver greater customer value,” concluded Facchin. “We remain committed to powering for a sustainable energy future, with pioneering and digital technologies, as the partner of choice for enabling a stronger, smarter and greener grid.”
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