Hitachi ABB Power Grids powers up
In accordance with the agreement signed in December 2018, all required procedures have been completed. Hitachi holds an 80.1% stake in the joint venture, with ABB holding the balance.
Hitachi Executive Vice President Toshikazu Nishino is the Chairman of the new entity and Claudio Facchin is the CEO. Hitachi ABB Power Grids 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,” Nishino said.
“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 alliance with Hitachi will facilitate expansion opportunities in areas such as mobility, smart cities, industry, energy storage and data centres — it will also provide financial support to ambitious projects and enable access to the Japanese economy.
“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, CFO 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,” he added.
Hitachi ABB Power Grids CEO Claudio Facchin said, “Combining our respective technology strengths will bring us new market opportunities and enable us to deliver greater customer value.
“We remain committed to powering good 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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