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Switzerland-headquartered Hitachi ABB Power Grids announced on Thursday that that it will be changing its name to Hitachi Energy from October 2021.
The power sector giant said the decision to change name has board and shareholder consent and coincides with the business’ first-year anniversary since it started operations on 1 July, 2020.
Hitachi has an 80.1 percent stake in the joint venture and ABB holds the balance.
The company said the transition to the new name reflects the rapidly evolving energy landscape with Hitachi enabling the business to position its digital technologies beyond the grid into areas like sustainable mobility, smart life, and data centres.
Toshiaki Higashihara, Executive Chairman and CEO of Hitachi, said, “With climate change and increasing natural disasters, there is a need to solve three social issues worldwide: environment, resilience, and security and safety. Hitachi ABB Power Grids provides a variety of solutions that solve these social issues, and by changing the company name to Hitachi Energy, we are further strengthening our commitment to the realisation of a sustainable society."
(Writing by N Madhura; Editing by Anoop Menon)
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