We are delighted to have partnered with the best in the industry for this endeavor,” he added. “We hope to study and understand how the right technology can enable an efficient transport system without damaging the environment. IIT Madras Director Prof Bhaskar Ramamurthi said the development of India’s e-mobility charging infrastructure and increased deployment of e-buses is key to meeting the demand for sustainable transport solutions across India’s rural and urban areas. “Combination of our robust buses with electric propulsion technology and flash charging from Hitachi ABB Power Grids, can be the answer to the need for sustainable public transportation across the country,” Ashok Leyland Chief Technology Officer N Saravanan said. The partnership will provide a zero-emissions mass public transportation bus system through the company’s ‘award-winning technology’, localised for the Indian market, he added. “With sound policy levers in place, this partnership – engaging some of the finest industry and academic minds in India – creates a truly sustainable framework for e-mobility,” Hitachi ABB Power Grids in India Managing Director N Venu said. The company’s consolidated revenues for fiscal year 2021 (ended March 31, 2022) totaled 10,264.6 billion yen ($84,136 million USD), with 853 consolidated subsidiaries and approximately 370,000 employees worldwide.The e-bus, which will incorporate Hitachi ABB Power Grids’ innovative flash-charging technology – Grid-eMotion Flash, will be provided by Ashok Leyland, while IIT-M will host the infrastructure required to operate the flash-charging system for the e-bus, Hitachi ABB Power Grids in India said in a statement. We will solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products, under the business structure of Digital Systems & Services, Green Energy & Mobility, Connective Industries and Automotive Systems.ĭriven by green, digital, and innovation, we aim for growth through collaboration with our customers. Hitachi drives Social Innovation Business, creating a sustainable society with data and technology. This will further strengthen our balance sheet and give us additional flexibility in our capital allocation decisions.” “We are delighted to have agreed on the final part of the transaction earlier than expected and on favorable terms. Timo Ihamuotila, Chief Financial Officer of ABB said: The transaction is subject to regulatory approvals and closing is expected to happen in the fourth quarter 2022, it said in a statement. ABB expects net positive cash inflows of approximately $1.425 billion upon closing of the sale. The companies have agreed to settle remaining obligations relating to the original transaction, and ABB will continue to provide transition services to Hitachi Energy for them to fully separate from ABB’s systems.ĪBB does not expect to record any significant gain or loss as a result of the sale. Hitachi exercised its option to buy the stake in the joint venture formed from ABB’s Power Grids business in 2020. (Hitachi) its remaining 19.9 per cent equity stake in the Hitachi Energy joint venture, worth $1.679 billion. ABB, the Swiss engineering group said that it has reached an agreement to divest to Hitachi, Ltd.
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