Hitachi & E.ON Ink $700M Deal to Bolster Germany's Energy Security
Hitachi, Ltd., the global giant operating in four sectors, has inked a significant deal with E.ON. The agreement, worth up to $700 million USD, aims to bolster Germany's energy security and support its clean power transition. The partnership will see Hitachi, the world's leading transformer manufacturer, deliver power and distribution transformers to meet the country's accelerating demand.
Germany's Bundesnetzagentur and utilities are currently facing an urgent need for transformers. This is to prevent delays in grid connections and support the country's electrification and clean power initiatives. The agreement between Hitachi and E.ON seeks to address this global shortage, thereby enhancing energy resilience and affordability.
Hitachi, with revenues of 9,783.3 billion yen for FY2024, will reserve manufacturing capacity to support the accelerated expansion and modernization of the German power grid. The company, which employs over 50,000 people in 60 countries and generates revenues of around $16 billion USD, is well-positioned to meet this challenge. As the world leader in transformers, with over two million distribution transformers deployed worldwide, Hitachi is also the top supplier for offshore wind grid systems, connecting over 54 GW to the grid through its centers of excellence in Germany and Sweden.
The long-term agreement between Hitachi and E.ON is a significant step towards strengthening Germany's energy infrastructure. It will not only help address the immediate need for transformers but also support the country's ongoing efforts to transition to clean power and enhance its energy security.
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