Hitachi invests $1 billion in energy unit, partners with Blackstone

Hitachi Ltd on Thursday said that its energy unit had entered into a strategic partnership with Blackstone Energy Transition Partners, taking a minority stake in a company which operates power grid infrastructure in North America.

The Tokyo-based conglomerate said its Hitachi Energy unit had invested in Shermco Industries, a company recently acquired by Blackstone.

The deal is part of an investment of more than USD1 billion Hitachi Energy is making in its global services business as it looks to develop solutions with HMAX, its new artificial intelligence-powered digital asset management platform.

Andreas Schierenbeck, chief executive officer of Hitachi Energy, said: “Our investment strengthens our service offering as we continue to scale, helping customers maintain and extend the life of existing assets while making the grid stronger, more resilient and fit for the future.”

Irving, Texas-headquartered Shermco provides comprehensive electrical system maintenance, including services to data centres, in the United States and Canada.