Hitachi today holds an 80.1% stake in the Zurich-headquartered Hitachi ABB Power Grids joint venture, while ABB holds the remaining 19.9% stake, but as announced last year, ABB also holds a pre-defined option to exit the retained shareholding three years after closing-or by 2023. The deal was notable when it was first announced in December 2018 owing to ABB’s divestment of Power Grids, a lucrative division that pioneered several grid technologies and had for years accounted for more than a quarter of ABB’s revenue. Hitachi ABB Power Grids’ name change to “Hitachi Energy Ltd.” was formally registered on June 30 but announced on July 1-marking exactly one year since Hitachi and ABB closed their $11 billion deal to officially launch Hitachi ABB Power Grids. The name change reflects the firm’s business evolution amid a rapidly evolving energy landscape, the company said.

Hitachi ABB Power Grids, the behemoth joint venture firm officially launched last year when Japanese technology conglomerate Hitachi acquired a majority share in Swiss conglomerate ABB’s Power Grids business, will be known as “Hitachi Energy” starting in October 2021.

Abb power grids