On July 1, Hitachi ABB Power Grids Co., LTD. (hereinafter referred to as "Hitachi ABB Power Grids"), on the occasion of its first anniversary, announced that it will change its name to Hitachi Energy from October 2021. The ownership structure remains unchanged, with Hitachi still holding 80.1 percent of the joint venture and ABB 19.9 percent.
On July 1, Hitachi ABB Power Grids Co., LTD. (hereinafter referred to as "Hitachi ABB Power Grids"), on the occasion of its first anniversary, announced that it will change its name to Hitachi Energy from October 2021. The ownership structure remains unchanged, with Hitachi still holding 80.1 percent of the joint venture and ABB 19.9 percent.
Toshiaki Higashihara, Executive Chairman and CEO of Hitachi Production, said, "By changing our name to Hitachi Energy, we further strengthen our commitment to achieving a sustainable society. Hitachi and Hitachi Energy will contribute to solving social issues and improving people's quality of life through social innovation in the energy sector with customers and partners."
Claudio Facchin, CEO of Hitachi ABB Power Networks, said: "The energy landscape is constantly changing, and we are constantly evolving. The new company name 'Hitachi Energy' will deepen our commitment to create more value for customers, employees and society." The past year has been challenging for each of us, but we remain optimistic about the future. I am proud of our talented people in 90 countries, and through our passion, sincerity, and cultural diversity and inclusion, we will continue this journey - as the partner of choice for stronger, smarter and greener energy systems, shaping the future of sustainable energy through pioneering and digital technologies."
Data show that Hitachi ABB Power Grid was established on July 1, 2020, by Hitachi Limited and ABB Limited joint venture. According to the power grid business acquisition agreement signed between Hitachi and ABB on December 17, 2018, Hitachi completed 80.1% of the capital contribution of the power grid business company that was separated from ABB. Hitachi ABB Power Networks currently operates in more than 90 countries, employs approximately 36,000 people and is headquartered in Switzerland. China is the second largest market in the world for Hitachi ABB Power Grids, and the company now has a full range of business activities in China, including R&D, manufacturing, sales and engineering services, 14 local enterprises, 22 branches, and 3,600 employees in 50 cities across the country.
"To achieve a sustainable society, digital technologies are becoming indispensable in all fields. In the energy sector, the grid, with its close links to digital technologies, is expected to be at the heart of innovation, and I believe Hitachi Energy will lead this innovation. Hitachi will combine digital technologies such as Lumada with Hitachi Energy's advanced energy technologies to deliver innovative energy solutions that create social, environmental and economic value." According to Keiji Kojima, executive president and COO of Hitachi Production.
It is worth noting that according to Hitachi's plan, it will complete the acquisition of the remaining 19.9% shares of Hitachi ABB Power Grid after 2023, and completely subsidiary Hitachi ABB Power Grid. The name change could pave the way for Hitachi to take full control of Hitachi ABB Power Networks.
