Hitachi Energy Ltd (“Hitachi Energy”) has announced that Hitachi, Ltd. (TSE: 6501, “Hitachi”) has formalized a share transfer agreement, acquiring the remaining 19.9% of shares in ABB Ltd (SIX: ABBBN , “ABB”), pursuant to the original acquisition agreement entered into on December 17, 2018. Completion of this transaction is scheduled to occur by the end of December 2022, subject to regulatory approvals.
“We are pleased with Hitachi Energy’s progress and look forward to supporting the Hitachi Energy 2030 Plan as announced during Hitachi Investor Day 2022,” said Yoshihiko Kawamura, Executive Vice President and Chief Executive Officer, Group CFO of Hitachi, Ltd. , and Chairman of the Board of Hitachi Energy.
Hitachi Energy is significantly advancing its portfolio, strengthening and expanding the energy system that sustains customers and partners throughout the entire lifecycle. This effort aims to enable a sustainable, flexible and safe energy system. The company is particularly well positioned to lead growing electrification in the transportation, industrial and construction sectors, as outlined in the Hitachi Energy 2030 long-term growth plan.
Claudio Facchin, Senior Vice President and Executive Director of Hitachi and CEO of Hitachi Energy, highlighted: “Electricity will be the backbone of the energy system and the urgency of the energy transition requires collaboration and innovation. Hitachi and Hitachi Energy are generating synergies by combining digital and energy technologies, thereby contributing to the global energy transition. We will intensify our efforts to pursue synergies, digitalization and services while continuing to deliver large-scale, high-speed IT and Operational Technology (OT) deployments. We are moving towards a sustainable energy future for all.”
The company’s remarkable progress is driven by Hitachi’s strong commitment, a diverse and dedicated global team of 40,000 Hitachi Energy employees, and the favorable momentum for developing and implementing innovative technologies toward a carbon-neutral vision in which Electricity becomes the basis of the energy system.
Leveraging nearly 250 years of combined Hitachi Energy and Hitachi experience, the company has integrated its energy platform with Hitachi’s digital solutions, resulting in the launch of products such as Lumada Asset Performance Management and, more recently, Lumada Inspection Insights.
The company is also strengthening the power system with High Voltage Direct Current (HVDC) technology to facilitate large-scale renewable energy integration across countries and continents. Additionally, it launched the EconiQ™ portfolio, which includes high voltage products, transformers and consultancy focused on environmental efficiency. These initiatives have contributed to purpose-driven growth, promoting a sustainable energy future.
Hitachi’s firm commitment to acquire the remaining Hitachi Energy shares ahead of schedule will help accelerate synergies and the execution of Plan 2030. This will enable the company’s agile and committed team to continue supporting customers and partners in meeting the global transition challenge energy.
