Hitachi ABB Power Grids is evolving to become Hitachi Energy and broadens commitment to a sustainable energy future

Coinciding with its first-year anniversary, the global technology and market leader   announces that it will be changing its name and corporate brandfromOctober 2021

Dubai – July1,2021 – Hitachi ABB Power Gridstoday announced that it will be evolvingto become Hitachi Energyfrom October 2021. The decision to change name has board and shareholder consentand coincides with the business’ first-year anniversarysince it startedoperations on 1 July, 2020. Hitachi Ltd. has an 80.1 percent stake in the joint venture and ABB Ltd. holds the balance.

Headquartered in Zurich, Switzerland, theglobal technology and market leaderbrings a rich heritage of pioneering breakthroughs, which have helped to increase access to safe, secure, and reliable electricity for more than one century.These range frompioneering innovations such as long distance commercial HVDC1technology, that enablescountries to efficiently transmit large amounts of power with minimum lossesover thousands of kilometers while reducing carbon footprint, to providing microgrids and energy storage solutions that combinedwith state-of-the-art intelligent control systems, ensure reliable distributed power availability.The business has played a leading role enabling a stronger, smarter and greener global energy system.

Today, combating climate change is of paramount importance and one of the most urgent challenges of our times.According to the IEA’s ‘Net Zeroby 2050’ report2, ‘the path tonet zero emissions is narrow’ andstaying on it requires increased investment in infrastructure, and specifically, an ‘immediateand massive deployment of allavailablecleanand efficientenergy technologies.’ By2030, the world economy isexpected to be some40 percent larger butconsuming seven percent less energy tobe on track for net zero in 2050.By this time ‘the energy sector willbe dominated by renewables’and ‘electricity will account foralmost 50 percent of the total global energyconsumption’ – up from about 20percent today2.An equitable and sustainable energy transition is at the center of this global challenge, where electricity will be the backbone of the entire energy system.

Hitachi ABB Power Grids places sustainability at the heart of its purpose: powering good for a sustainable energy future.The transition to the Hitachi Energy name reflects therapidly evolving energy landscape and the opportunity to create economic, environmental and social value; and with Hitachi enablingthe business to position its pioneering and digital technologies  toserve existing and future customers,goingbeyond the grid – opening up a breadth of opportunities in areas like sustainable mobility, smart life, and data centers.By combining advanced digital solutions and services,such as Hitachi Lumada, with anenergy platformthat is built on unique domain expertise and experience, the business is serving customers and partners co-creating global solutions to solve theglobal challenge of an inclusive and equitable carbon-neutral future.

Toshiaki Higashihara, Executive Chairman andCEO of Hitachi,said, “With climate change and increasing natural disasters, there is a need to solve three social issues worldwide: environment, resilience, and security and safety.” He continued,“Hitachi ABB Power Grids provides a variety of solutions that solve these social issues, and by changing the company name to Hitachi Energy, we are further strengthening our commitment to the realization of a sustainable society.Hitachi and Hitachi Energy will contribute to solve social issues and improve people’s QoL by realizing social innovation in the energy field with customers and partners.”

Keiji Kojima, President andCOO of Hitachi,said, “To realize a sustainable society, the use of digital technology is becoming indispensable in all fields.” He continued,“In the energy field, power grids are expected to be at the core of innovation since they have high affinity with digital technology, and I am confident that Hitachi Energy will lead this innovation.Hitachi will combine digital technologies such as Lumada with Hitachi Energy’s advanced energy technologies to provide innovative energy solutions that create social, environmental and economic values.”

“The energy landscape continues to evolve and so do we,” said Claudio Facchin, CEO of Hitachi ABB Power Grids. He continued, “With our new name‘Hitachi Energy’ we are broadeningour commitment to creating furthervalue for customers, our employees and society. The past year has beendemanding for everyone, but we look forward with optimism. I am proud of our talented people in 90 countries, andthrough ourpassion, authenticity and culture of diversity and inclusion, we continue on our journey – Powering good for a sustainable energy future, pioneering and digital technologies, as the partner of choice for enabling a stronger, smarter and greener energy system.”

Hitachi ABB Power Grids will change its name to Hitachi Energy from October. At the same time, we will change our corporate brand to the Hitachi brand and use it for external and internal communications. The business formally registered Hitachi Energy Ltd. on 30June,2021and is now undertaking the formal process for the change of names globally.

Notes

  • Hitachi ABB Power Grids invented commercial HVDC technology almost seven decades ago, which enables electricity to be efficiently transmitted over thousands of kilometers with minimal energy losses.
  • International Energy Agency’s ‘Net Zero by 2050 Report: A Roadmap for the Global Energy Sector’.

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