Hitachi Energy Limited has announced that Hitachi Limited has signed a share transfer agreement for the remaining 19.9 per cent shares from ABB Limited, pursuant to the acquisition agreement signed on December 17, 2018.
This is in line with the plan and ahead of schedule. The transfer of shares will be completed by end of December 2022, subject to regulatory approvals. 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. The commitment from Hitachi to the announced acquisition of the remaining shares of Hitachi Energy ahead of plan will help accelerate synergies and implementation of the 2030 Plan enabling its agile and committed team to support customers and partners addressing the global challenge of the energy transition.
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.
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. In addition, the company is expanding with digital solutions and services that are enabling carbon reductions. Hitachi Energy is evolving the power system through partnerships and new business models, as an integral part of the Hitachi Energy 2030 Plan.