In those materials, executives also highlighted Hitachi ABB Power Grids’ leading market share in the world’s transmission and distribution sector. According to materials presented during Hitachi’s investor day on June 8, the Power Grids business unit-and its core offerings in grid automation, high-voltage components, grid integration, and transformers-brought in 68% of Hitachi’s energy-related revenues in fiscal year 2020. Technology will remain the core business of the company that currently employs about 36,000 people in 90 countries. The past year has been demanding for everyone, but we look forward with optimism.” “With our new name ‘Hitachi Energy’ we are broadening our commitment to creating further value for customers, our employees and society. “The energy landscape continues to evolve and so do we,” he said. On Thursday, notably, Hitachi ABB Power Grids also announced that when it officially adopts the name “Hitachi Energy” in October, it will also change its corporate brand to the Hitachi brand and “use it for external and internal communications.” Going ‘Beyond the Grid’Īccording to Claudio Facchin, former head of the division when it was rooted at ABB and who now serves as CEO of Hitachi ABB Power Grids, the name change reflects the company’s response to a rapidly evolving energy landscape and highlights a potentially new direction for company growth “beyond the grid” to unlock new opportunities in emerging areas through an integration with Hitachi’s core digitalization offerings. Hitachi today holds an 80.1% stake in the Zurich-headquartered Hitachi ABB Power Grids joint venture, while ABB holds the remaining 19.9% stake, but as announced last year, ABB also holds a pre-defined option to exit the retained shareholding three years after closing-or by 2023.
The deal was notable when it was first announced in December 2018 owing to ABB’s divestment of Power Grids, a lucrative division that pioneered several grid technologies and had for years accounted for more than a quarter of ABB’s revenue.
Hitachi ABB Power Grids’ name change to “Hitachi Energy Ltd.” was formally registered on June 30 but announced on July 1-marking exactly one year since Hitachi and ABB closed their $11 billion deal to officially launch Hitachi ABB Power Grids. The name change reflects the firm’s business evolution amid a rapidly evolving energy landscape, the company said. Hitachi ABB Power Grids, the behemoth joint venture firm officially launched last year when Japanese technology conglomerate Hitachi acquired a majority share in Swiss conglomerate ABB’s Power Grids business, will be known as “Hitachi Energy” starting in October 2021.
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