Hitachi Energy passes 150 GW in HVDC links integrated into the power system, expands capacity to meet accelerating energy transition demand

Zurich, Switzerland, Oct. 24, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, announced today that it has enabled more than 150–gigawatts (GW) of high–voltage direct current (HVDC) links around the world integrated into the power system "" sufficient to meet the peak power demand for Japan. The announcement follows the delivery of the first power from Dogger Bank, the world's largest offshore wind development, via the UK's first–time use of HVDC technology on a wind farm.

The company has consistently expanded its capacity to meet accelerating demand driven by the clean energy transition. Since 2020, when Hitachi began its strategic investment, Hitachi Energy has increased its workforce by more than 8,000. Within the same period, the company also invested $3 billion in manufacturing and engineering footprint, and Research & Development (R&D), expanding collaboration and driving the company to become the strategic partner throughout the customers' entire lifecycle.

“Electricity will be the backbone of the entire energy system and will help to drive the clean energy transition. Today's announcement shows how we are enabling our customers to accelerate the development of the power grids that energy system requires,” said Claudio Facchin, CEO of Hitachi Energy.

The continuing investments are in line with the Hitachi Energy 2030 Plan and Hitachi's Mid–term Management Plan 2024.

Investments in the three focus areas of Hitachi Energy 2030 Plan:

1. Continuously strengthening the power grid core business
The company has invested heavily in expanding capacity and new hires across the globe in Europe, the Middle East and Africa, North and South America, and Asia Pacific. Examples from this year alone are the power quality factory and the global technology and innovation center in India, and the transformer factory in China. In addition, it has recently invested in Sweden, Switzerland, and the US.

Investments in R&D
Sustainable solutions: EconiQ contains no sulfur hexafluoride (SF6) proven to significantly reduce carbon footprint throughout the entire life cycle. Next–generation power semiconductors like RoadPak for e–Mobility. Digital technologies like Lumada Asset Performance Management and IdentiQ for HVDC and power quality.

2. Doubling efforts on digital and services and expansion at the edge of the energy system
Digitalization and Service: The new generation of Lumada Asset Performance Management software solution features advantages of Artificial Intelligence; the acquisition of majority stake in eks Energy, a power conversion technology provider to enhance storage and flexibility at the edge of the energy system.

3. Innovation, synergies, partnerships, and M&A to accelerate growth
Increasingly strong collaborations have led to new business models, framework agreements for capacity reservation, and global standards, allowing for better planning to meet demands. Some key projects enabled by the company's technologies are Champlain Hudson Power Express, TenneT's 2GW Program, and Project Lightning, a first–of–its–kind subsea power transmission project.

The IEA report, "Electricity Grids and Secure Energy Transitions" states that grid investment needs to nearly double by 2030 to over $600 billion per year after stagnation at the global level, and building out of grids requires a secure supply chain and a skilled workforce.

Rapid electrification of transport, buildings, and industries is increasing the demand for secure, sustainable, and flexible electricity globally. The company is committed to continuously strengthening its business toward the forecast of the 2050 energy system; where it sees an installed global power generation capacity of four times today and a transfer of electrical energy, which is three times compared to what it is today.

"Since we started the journey with Hitachi in July 2020, we have been able to accelerate our growth and expansion, also leveraging synergies across Hitachi Group," Facchin added. "With more than a century of energy expertise, combined with digitalization as an enabler, we can scale at pace and provide innovative services and solutions to our customers. As Hitachi, we have a unique position across IT, OT and product capabilities to support our customers throughout the entire lifecycle."

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About Hitachi Energy Ltd.
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon–neutral future. We are advancing the world's energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of "Digital Systems & Services" – supporting our customers' digital transformation; "Green Energy & Mobility" – contributing to a decarbonized society through energy and railway systems, and "Connective Industries" – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co–creation with our customers. The company's consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

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Hitachi Energy acquires eks Energy

Zurich, Switzerland, Oct. 24, 2023 (GLOBE NEWSWIRE) — Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, announced today that it has acquired a controlling stake of eks Energy, a leading supplier of power electronics and energy management solutions for storage and renewables integration, based in Seville, Spain, from Powin LLC (Powin), a top global energy storage system provider. The investment also marks the establishment of a strategic partnership with Powin, who maintains a significant ownership stake in eks Energy.

As the world transitions to more renewable energy sources, the global demand for battery energy storage systems (BESS) continues to surge and is expected to grow more than 20 percent per year through 20301. By combining eks Energy's power electronics and advanced control capabilities with its own highly complementary automation, software, and system integration offerings, Hitachi Energy fortifies its position as a leading–edge technology provider to the renewables and BESS market. With the strategic partnership, Hitachi Energy and Powin aim to apply the strength of the two firms to develop power conversion products specifically designed for the next generation of energy storage systems.

"Hitachi Energy has been an innovative force in the BESS and microgrid space for more than 30 years, and this strategic acquisition demonstrates our continued commitment to deliver the most advanced and proven solutions for our customers," said Massimo Danieli, Managing Director for the Hitachi Energy Grid Automation Business Unit. "The market, including leading BESS system integrators, has made it clear that it needs and wants energy solutions powered by best–in–class power electronics integrated with control and digital capabilities. New applications and use cases are emerging every day, driven by the ever–increasing need for integration of renewable resources in the grid and electrification at the grid edge. eks Energy has an impressive product deployment footprint in North America and Europe, and under Powin has further extended their global reach. With this significant addition to our portfolio, Hitachi Energy is ready to address the demands of the fast–growing global BESS market with speed and scale."

"This strategic investment marks a significant milestone in the energy storage industry, as it paves the way for Hitachi, Powin and eks Energy to align their strengths in exploring new opportunities on a global scale as well as an ability to better serve new and existing customers," said Jeff Waters, CEO of Powin. "We are proud of what we have already developed with eks Energy, including one of the world's largest battery projects in history, the Waratah Super Battery (WSB) where eks Energy's unrivaled power conversion systems are able to meet the Australian grid operators' high standards of performance. We look forward to continuing to work with eks Energy and Hitachi Energy to bring more projects like WSB to the world."

The addition of eks Energy to the Hitachi Energy portfolio demonstrates accelerated traction on the company's 2030 strategic growth plan. Hitachi Energy is continuously strengthening its power grids core business while advancing the world's energy system to be more sustainable, flexible and secure. This acquisition increases our core capabilities at the edge of the grid including digital, power electronics and services, toward the larger goal of advancing a sustainable energy future for all.

Nomura Greentech acted as exclusive financial advisor and Shearman & Sterling acted as legal advisor to Hitachi Energy.

Footnotes
1 From BNEF 1H 2023 Energy Storage Market Outlook

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About Hitachi Energy Ltd.
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon–neutral future. We are advancing the world's energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 40,000 people in 90 countries and generate business volumes of over $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of "Digital Systems & Services" – supporting our customers' digital transformation; "Green Energy & Mobility" – contributing to a decarbonized society through energy and railway systems, and "Connective Industries" – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co–creation with our customers. The company's consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

About Powin
At Powin, we are advancing the next frontier of energy and changing the way we power our daily lives by ensuring access to clean, resilient, and affordable power. As a global energy platform provider, we offer fully integrated battery storage solutions, software, and services to optimize grid performance and enable the transition to cleaner energy sources. To date, Powin has deployed over 3,200 MWh of battery systems worldwide with 11,900 MWh under construction. To learn more, please visit www.powin.com

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