ArabFinance: Hitachi ABB Power Grids announced that it will be evolving to become Hitachi Energy from October 2021, the company said in an emailed press release.
The decision to change the name has board and shareholder consent and coincides with the business first-year anniversary since it started operations on July 1st 2020.
The newly named company will remain headquartered in Zurich and offer services in the smart grid and the high voltage direct current transmission sector. The new focus will tackle opportunities in areas like sustainable mobility, smart life and data center energy needs.
To realize a sustainable society, the use of digital technology is becoming indispensable in all fields, parent Hitachi President and COO Keiji Kojima said.
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, Kojima added.
The path to reaching net-zero carbon goals globally by 2050 is narrow, the company release pointed out, and will require deep investments in infrastructure and deployment of all available clean energy and efficiency technologies in the digital realm.
By 2030, Hitachi cited, the world economy may be 40% larger but need to consume seven percent less energy to be on track for the 2050 net-zero goal.
Hitachi Ltd. has an 80.1% stake in the joint venture and ABB Ltd. holds the balance.
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