Hitachi Energy to invest additional $4.5 billion by 2027, to boost clean energy transition
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Hitachi Energy plans to invest an additional $4.5 billion in manufacturing, engineering, digital, R&D and partnership by 2027 to accelerate the clean energy transition.
In a press release, the company said the investments will support deploying power electronics-based solutions, grid automation and software solutions, and services in line with the Hitachi Energy 2030 Plan.
The statement adds, “Electrification is pivotal to achieving Net-Zero goals, and the energy transition requires innovative software solutions and services and a significant increase in the production of critical technologies for an expanded electricity grid.”
“Integrating more renewable energy sources like solar and wind, alongside meeting the electrification demands of transport, buildings, industry, and other sectors, necessitates a secure and flexible grid infrastructure.”
Hitachi Energy also announced that it would invest $330 million to expand and modernize its flagship factory in Ludvika and build a new campus in Vasteras, Sweden. Additionally, Sweden’s workforce is estimated to grow by 2,000 to support the accelerating energy transition.
Read more: The focus of govt incentives will go into green mobility: Hitachi Energy Chairman
Claudio Facchin, CEO of Hitachi Energy, said, “The world is in a race to transform energy systems. Technology is not the bottleneck, and electrification is creating unprecedented demand for power grid systems combined with digital solutions and services.”
The company also acknowledged that governments, industries, and consumers are rapidly transitioning from fossil fuels to electricity for transportation, building heating and cooling, and industrial processes.
The CEO added, “As the market leader, we are responding with an unprecedented level of investment, people and innovation to meet that demand.”
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