![]() Indispensable to this is the power transmission and distribution technology that helps stabilize energy supply, also known as “power grid”. However, renewable energy relies much on volatile factors such as the weather, making it difficult to achieve a stable supply of such energy, and requiring the ability to predict energy demand and manage stored energy efficiently. The introduction of “renewable energy” such as solar, wind, and geothermal power is particularly crucial for a decarbonized society. This has led to a widespread and worldwide movement aimed at reducing greenhouse gasses that cause global warming, in other words, realizing a decarbonized society. This has been accompanied by such phenomenon as abnormal weather and rising sea levels, creating profound damage throughout the globe. Power Grid: The Key to Decarbonized Societyĭue to growth in urbanization and power consumption, emissions of greenhouse gases including carbon dioxide have dramatically increased in recent years. Through our collaborative creation with global customers, we can contribute to revolutionizing energy." Touching on the excitement surrounding the enterprise, the new company’s CEO, Claudio Facchin, says: "Both Hitachi and ABB are very passionate about technology, its people, and energy transition. Hitachi acquired the power grid business of ABB Ltd, a major heavy electric company in Switzerland, and established Hitachi ABB Power Grids Ltd., which began its operation on July 1. “Power grid” technology is an essential component in the era of energy revolution. ![]() As the way we consume energy diversifies, a need for advanced technologies that is capable of controlling electrical power has also developed. Moreover, the electrification of mobility, represented by electric vehicles (EV), and the expansion of data centers have resulted in increasing global power consumption. Governments and organizations across the globe are tackling this issue by working toward realizing a “decarbonized society.” Deemed crucial to achieving such a society is the introduction of renewable energy, which involves solar, wind, and other sources of alternative power. ABB used the proceeds to fund organic growth and reward shareholders through share buybacks.In recent years, global climate change and abnormal weather have become a serious issue that largely impacts our daily lives. In November 2021, the company divested its Mechanical Power Transmission division (Dodge) for $2.9 billion. The spin-off helps the company focus on growing global megatrends in electrification and automation. As part of its portfolio management strategy, in October 2022, ABB completed the spin-off of its turbocharging unit, Accelleron. The company will be able to focus more on key market trends and customer needs of electrification of transport and industry, automated manufacturing, digital solutions and increased sustainable productivity. ![]() ABB held a pre-defined option to exit the remaining stake by 2023.Īccording to the release, the divestment helps ABB focus entirely on industrial customers. The Hitachi Energy joint venture (formerly Hitachi ABB Power Grids) was formed in 2020 following ABB’s divestment of 80.1% of its Power Grids business to Hitachi. According to the press release, ABB has realized a net positive cash inflow of approximately $1.425 billion in the fourth quarter of 2022 as part of the divestment. ABB completed its previously announced divestiture of the remaining 19.9% stake in Hitachi Energy joint venture to Hitachi, Ltd.
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