FRA approves establishment of five new firms for investment fund management, SME financing    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ABB, Hitachi launch $10bn joint power venture
New company to develop energy networks to meet growing demand for, and increase volume of, renewable energy in electricity system
Mohamed Farag Published in Daily News Egypt on 02 - 07 - 2020

Leading technology firms, Hitachi and ABB, have announced the launch of Hitachi ABB Power Grids, with an annual turnover of $10bn.
The launch comes as the two companies completed a joint merger, which will see Hitachi hold 80.1% of the new joint entity, while ABB will maintain the remaining percentage.
The deal reflects the commercial importance placed by the global energy sector on sustainable energy, including facilities, mobility solutions, smart cities, industry and information technology. The two companies are now looking to grow and improve on these capabilities, according to Thursday's statement.
Hitachi ABB Power Grids will look to develop energy networks to meet the growing demand for, and include a greater volume of, renewable energy within the electricity system.
Claudio Facchin, Head of ABB's Power Systems Division has been named as CEO of the new company, with Hitachi Executive Vice President Toshikazu Nishino as Chairperson. Hitachi ABB Power Grids will expand Hitachi's energy solutions business globally as a core part of the company's Social Innovation Business.
The new entity's headquarters will remain in Zurich, Switzerland, with the current management team ensuring business continuity. Hitachi ABB Power Grids looks to operate with about 36,000 employees in over 90 countries.
Nishino said that Hitachi's pioneering digital technologies with world-class energy grid solutions will help the company play an important role in global transformation. It will also look to reduce carbon emissions from energy systems, to provide a sustainable energy future, alongside smart solutions for the most dynamic network.
Nishino added, "It will also contribute to achieving the United Nations Sustainable Development Goal 7, which is to ensure universal access to affordable, reliable and clean energy."

Clic here to read the story from its source.