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Hitachi Energy Acquires COET, Builds Google Cloud Partnership, And...

February 7, 2024 by Joe Panettieri

Hitachi Energy is quite busy ahead of a major enterprise software customer conference set for May 2024. Recent moves include:

  1. Acquiring COET, a developer of power equipment for electric mobility, rail and industrial use cases. The deal strengthens Hitachi Energy's expertise in such markets as electric vehicle (EV) charging infrastructure and the grid edge, the buyer said.
  2. Partnering with Google Cloud to develop and promote sustainability applications.

Here's a closer look at each move.

Hitachi Energy Acquires COET: Business Details

Hitachi Energy completed the COET acquisition in December 2023, though a public announcement about the deal's finalization didn't arrive until a few weeks later.

In a prepared statement about the deal, Niklas Persson (pictured, top of page), managing director of Hitachi Energy’s grid integration business, said: “We are delighted to welcome our partner of many years into the Hitachi Energy family. The acquisition will enhance our position as a global leader in power grid technologies and energy infrastructure for eMobility, transport, and industry, while COET and its customers will benefit greatly from our global footprint and power expertise.”

Related - Complete M&A List: This is M&A deal number 57 that Sustainable Tech Partner has covered so far in 2024. See all M&A deals involving sustainability, climate tech and green IT services listed here.

COET and Hitachi Energy: Potential Business Synergies

COET, founded in 1962, is based near Milan, Italy. The company has roughly 80 employees. COET will operate as a standalone business under the leadership of its existing management and retain all of its operations, Hitachi Energy said.

Hitachi Energy, founded in 2020, is based in Zurich, Switzerland. The company is a joint venture between Hitachi (80.1% ownership) and ABB Ltd. (19.9%). Hitachi Energy, backed by roughly 40,000 employees, provides sustainable energy solutions to buildings, utilities, industries and infrastructure sectors. Key growth areas include sustainable mobility, smart life and data center use cases.

COET and Hitachi Energy have a "long-standing collaboration focused on Hitachi Energy’s portfolio of Grid-eMotion high-power charging infrastructure solutions," the two companies said.

The Grid-eMotion technology involves EV charging infrastructure for electric bus and truck fleets. Key adopters of the technology are located in Australia, Canada, Dubai, France, Germany, Italy, Sweden, Switzerland, the UK, and others, Hitachi Energy said.

Electric Vehicle (EV) Charging Infrastructure: M&A and Business Activity

Meanwhile, business shakeups and M&A activity in the electric vehicle (EV) charging market have been frequent in recent months.

The global smart EV charger market is expected to reach $123.04 billion by 2032, up from $35.47 billion in 2023, according to Custom Market Insights. That's a 27% compound annual growth rate (CAGR), the market research firm said.

In the consumer market, pundits wonder if Tesla will set an international EV charging standard -- potentially pressuring rival offerings worldwide. But in the heavy industrial market, Hitachi Energy and COET remain focused on their own growth opportunities.

Hitachi Applications, Google Cloud Services... and a Conference

On another partnership front, Hitachi Energy and Google Cloud are developing multiple cloud software products and services to help customers accelerate the global energy transition toward green and renewable sources.

Among the milestones: Hitachi Energy’s Velocity Suite Power Prices is now available on the Google Cloud Marketplace. The software allows customers to make "better, faster decisions about energy projects and investments in North America," the two companies said.

Conference Planned: So what's next? Keep an eye on Hitachi Energy's Enterprise Software Solutions User Conference: Americas 2024 -- which is scheduled for May 20-23 in Denver, Colorado.

Speakers at the conference will share "renewable energy, sustainability and Energy Trading and Risk Management insights," the organizer said.

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