HITACHI ENERGY TO INVEST A FURTHER US$4.5 BLN ACCELERATING CLEAN ENERGY TRANSITION BY 2027

KUALA LUMPUR, June 7 (Bernama) -- Hitachi Energy will invest an additional US$4.5 billion in manufacturing, engineering, digital, research and development (R&D) as well as partnerships by 2027, doubling the investments done in the last three years. (US$1=RM4.69)

This complements the recently announced US$1.5 billion investment in April this year to ramp up global transformer production, according to the company in a statement.

“Electricity will be the backbone of the entire energy system and the change is happening faster than many thought possible. New business models, harmonisation of designs, along with partnerships are key drivers for the increase in the pace of change.

“The world is in a race to transform energy systems. Technology is not the bottleneck and electrification is creating unprecedented demand for power grids systems combined with digital solutions and services. As the market leader, we are responding with an unprecedented level of investment, people and innovation to meet that demand,” said its Chief Executive Officer, Claudio Facchin.

These investments will enable the company to meet customers' commitments and market demand, increasing its global R&D, engineering and manufacturing capacity of transformers, high-voltage direct current (HVDC) and high-voltage products.

It will also support the deployment of power electronics-based solutions, grid automation and software solutions, and services in line with the Hitachi Energy 2030 Plan, as well as into partnerships, supply chain, digitalisation and automation, which are enablers to support capacity expansion and increase speed to market.

The company received an order backlog more than tripled to over US$30 billion since 2020, with more than double new investments in manufacturing, engineering, digital, R&D and partnerships across all major markets from 2024 to 2027.

Hitachi Energy has also invested around US$330 million to expand and modernise its flagship factory in Ludvika and a new campus in Vasteras, Sweden, across all product portfolios, with additional 2,000 employees, while Global Technology and Innovation Center in India will increase to more than 4,000 employees to serve over 40 countries.

Headquartered in Switzerland, Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries, serving customers in utility, industry, transportation, data centres and infrastructure sectors.

-- BERNAMA