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In July 2020, ABB divested its power grid business and sold 80.1% of that to Hitachi Ltd., leading to the formation of Hitachi ABB Power Grids. [1] In October 2021, Hitachi ABB Power Grids changed its company name to Hitachi Energy. In December 2022, it was confirmed that Hitachi acquired the remaining 19.9 percent shares from ABB Ltd. [2]
ABB's divestment of an 80.1% stake in the Power Grids business will help it concentrate on core operations. Also, net proceeds are likely to be used for rewarding shareholders through share buybacks.
In December 2018, ABB and Hitachi announced that the latter would take over ABB's entire Power Grids division in exchange for roughly $6.4 billion. Hitachi officially acquired 80.1% of the business in July 2020. Initially known as Hitachi ABB Power Grids, the new Hitachi subsidiary was rebranded as Hitachi Energy in October 2021. [81]
Hitachi, Ltd. [nb 1] (Japanese pronunciation: [çi̥taꜜtɕi]) is a Japanese multinational conglomerate founded in 1910 and headquartered in Chiyoda, Tokyo.The company is active in a range of industries, including digital systems, power and renewable energy, railway systems, healthcare products, and financial systems. [4]
Supplier: ABB, Hitachi, Toshiba [1] ... Supplier: ABB, C-EPRI Electric Power Engineering Co., Ltd ACC Provided by NR Electric in Jinping Converter Station [26]
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Contracts for construction were awarded in August 2020 to Hitachi and BAM Nuttall. [13] In February 2022, Hitachi Energy started the process of installing HVDC equipment at Kergord. [14] Installation of the subsea cable started in July 2022. [15] In April 2022, the project was described as "on track to be completed by 2024". [16]
As a result, Västerås is home to its ABB AB Swedish subsidiary headquarters. ABB in Västerås maintains production, e.g. robots and drive systems for industry, high-voltage direct current transmission and power grids. ASEA headquarters. A number of business units have been spun out of ABB. Principal among them is Hitachi Energy .