Published On:July 2 2020
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Hitachi and ABB launch $11 bn joint venture power grids company.

Hitachi and ABB recently announced they have launched a $11 billion joint venture company Hitachi ABB Power Grids Ltd. that will operate in the areas of electric mobility, smart life, industry and Information Technology (IT).

"Hitachi Ltd. and ABB Ltd. agreed to the enterprise value of the company operating power grids business separated from ABB as $11 billion. The purchase price of the 80.1 per cent stake is approximately $6.85 billion," the firms said in a joint statement.

Under the JV agreement, originally announced in December 2018, Hitachi will acquire the remaining 19.9 per cent stake of Hitachi ABB Power Grids to make it a wholly-owned subsidiary after 2023.

Toshikazu Nishino, Executive Vice President of Hitachi, is the Chairman of the new entity and Claudio Facchin the CEO. “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," Nishino said.

The new entity has business volumes of around $10 billion with 36,000 employees across over 90 countries, with its main office in Zurich, Switzerland. It employs over 2000 people in Research and Development.

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