Coinciding with its first-year anniversary, the global technology and market leader announces that it will be changing its name and corporate brand from October 2021 Zurich,1 July, 2021 - Hitachi ABB Power Grids today announced that it will be evolving to become Hitachi Energy from October 2021. The decision to change name has board and shareholder consent and coincides with the business' first-year anniversary since it started operations 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, the global technology and market leader brings 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 from pioneering innovations such as long distance commercial HVDC1 technology, that enables countries to efficiently transmit large amounts of power with minimum losses over thousands of kilometers while reducing carbon footprint, to providing microgrids and energy storage solutions that combined with 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 Zero by 2050' report2, the path to net zero emissions is narrow' and staying on it requires increased investment in infrastructure, and specifically, an immediate and massive deployment of all available clean and efficient energy technologies.' By 2030, the world economy is expected to be some 40 percent larger but consuming seven percent less energy to be on track for net zero in 2050. By this time the energy sector will be dominated by renewables' and electricity will account for almost 50 percent of the total global energy consumption' - up from about 20 percent 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 the rapidly evolving energy landscape and the opportunity to create economic, environmental and social value; and with Hitachi enabling the business to position its pioneering and digital technologies to serve existing and future customers, going beyond 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 an energy platform that is built on unique domain expertise and experience, the business is serving customers and partners co-creating global solutions to solve the global challenge of an inclusive and equitable carbon-neutral future.
Toshiaki Higashihara, Executive Chairman and CEO 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 peoples QoL by realizing social innovation in the energy field with customers and partners.
Keiji Kojima, President and COO 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 Energys 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 broadening our commitment to creating further value for customers, our employees and society. The past year has been demanding for everyone, but we look forward with optimism. I am proud of our talented people in 90 countries, and through our passion, 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 30 June, 2021 and is now undertaking the formal process for the change of names globally.
Notes
(1) 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.
(2) International Energy Agency's Net Zero by 2050 Report: A Roadmap for the Global Energy Sector'.
About Hitachi ABB Power Grids Ltd.
Hitachi ABB Power Grids is a global technology leader with a combined heritage of almost 250 years, employing around 36,000 people in 90 countries. Headquartered in Switzerland, the business serves utility, industry and inf
