Hitachi ABB Power Grids commences operations - Press Release issued by Hitachi ABB Power Grids Limited.

Islamabad -- July 02, 2020 (PPI-OT)

Following is the text of press release issued by Hitachi ABB Power Grids Limited

Quote

In accordance with the agreement signed on December 17, 2018, Hitachi Ltd. and ABB Ltd today announced the completion of all required procedures as planned, and the formation of Hitachi ABB Power Grids Ltd. Hitachi has an 80.1 percent stake in this new joint venture entity (which has business volume of approximately 10 billion USD2) and ABB holds the balance.

Toshikazu Nishino, Executive Vice President of Hitachi, is the Chairman of the new entity and Claudio Facchin the CEO. The new entity is headquartered in Zurich, Switzerland, and the current management team will ensure business continuity.

"Hitachi's leading digital technologies merged with world-class power grid solutions will help us to play an active role in the global transformation and decarbonization of energy systems for a sustainable energy future. Intelligent solutions for a more dynamic grid will also contribute to the UN's Sustainable Development Goal 7 of 'affordable, reliable and clean energy'," said Toshikazu Nishino.

The joint venture brings together two highly respected companies to create a new global power leader. The alliance with Hitachi will facilitate expansion opportunities for the new entity in areas such as mobility, smart cities, industry, energy storage and data centers, besides providing financial muscle to...