SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt expresses 'deep dissatisfaction' to Netherlands over embassy attack    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    At TICAD, Egypt's education minister signs pacts with Casio, SAPIX    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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.