Hitachi Energy Ltd announced that Hitachi, Ltd. has signed a share transfer agreement for the remaining 19.9% shares from ABB Ltd, pursuant to the acquisition agreement signed on December 17, 2018. This is in line with the plan and ahead of schedule, and the transfer of shares will be completed by end of December 2022, subject to regulatory approvals.
“We are pleased with the progress of Hitachi Energy and we look forward to supporting the Hitachi Energy 2030 Plan, as announced during Hitachi Investor Day 2022,” said Yoshihiko Kawamura, Executive Vice President and Executive Officer, CFO of Hitachi, Ltd., and the Chair of the Board of Hitachi Energy.
Hitachi Energy is making good progress with its portfolio offering that is strengthening, expanding, and evolving the power system supporting customers and partners across the entire lifecycle to enable a sustainable, flexible and secure energy system. The company is also well-positioned to accelerate the growing electrification of transportation, industry and building sectors with its long-term Hitachi Energy 2030 purpose-driven growth plan.
“Hitachi and Hitachi Energy have been generating synergies by combining digital and energy technologies that are contributing to the global energy transition. We will accelerate the drive for synergies, digitalization and service. We will continue to offer deployment of both IT and operational technology (OT) at scale and with speed, as we are advancing a sustainable energy future for all,” said Claudio Facchin, Senior Vice President and Executive Officer of Hitachi and CEO of Hitachi Energy.
The good progress of the company is underpinned by the commitment from Hitachi, a diverse and passionate global team of 40,000 Hitachi Energy employees, and the tailwind from the development and deployment of innovative technology for a carbon-neutral vision where electricity will become the backbone of the entire energy system.
Strengthening the power system with High Voltage Direct Current (HVDC) technology for bulk renewable integration and interconnections between countries and continents, as well as the launch of an eco-efficient EconiQ portfolio for high-voltage products, transformers, and consulting, all initiatives that have contributed to the purpose-driven growth: advancing a sustainable energy future for all.
The solid commitment from Hitachi to the announced acquisition of the remaining shares of Hitachi Energy ahead of the plan will help accelerate synergies and implementation of the 2030 Plan, enabling the agile and committed team to support customers and partners in addressing the global challenge of the energy transition.