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.”
Reinstatement opportunity for ECSA registration
News
In 2023 the Engineering Council of South Africa (ECSA) announced a special opportunity for engineers in South Africa to reinstate their registration status if it had been cancelled. This exclusive offer is available until the end of August 2024.
Read more...Groundbreaking renewable energy skills platform
News
South Africa’s renewable energy sector has taken a significant leap forward with the launch of PowerUp. A South African first, this online platform is designed to equip the country’s workforce with the skills required to meet industry demands.
Read more...Innomotics wins Platinum TITAN Brand Award for Best Corporate Rebranding
News
Innomotics has been awarded with the Platinum TITAN Brand Award for Best Corporate Rebranding. The international jury honoured Innomotics’ efforts to develop a powerful and recognisable brand after the carve-out of Innomotics from the Siemens Group in 2023.
Read more...Unlocking Africa’s hydrogen potential
News
Africa is positioning itself as a frontrunner in the global green energy revolution, with hydrogen emerging as a critical commodity of strategic and national importance across the continent. Namibia is putting ambition into action by having already reached a number of key milestones towards final investment decision on up to five projects.
Read more...Fuchs doubles sales volume
News
An aggressive growth strategy in South Africa and sub-Saharan Africa over the last decade has resulted in Fuchs Lubricants South Africa achieving a CAGR of 6% in volume sold since 2015. The result of this is that sales volume has nearly doubled in this time.
Read more...High-quality sensing and automation equipment
News
The Turck Banner Demo Van is showcasing the company’s latest products and solutions.Turck Banner sells directly to end users and OEMs in a broad range of industries and applications.
Read more...From ground to compound: the journey of crude oil Wearcheck
News
You’re in for a ‘crude awakening’ when you download WearCheck’s latest Technical Bulletin. You will be treated to an in-depth explanation of the processes of producing oil, fuel and other petrochemical wonders that power our modern lifestyle.
printer friendly version