Today, Hitachi Energy announced the completion of its acquisition of COET – a company engaged in the design and manufacture of powering devices for electromobility, railways, and industry. The transaction strengthens Hitachi Energy’s global position and offerings in large-scale electric vehicle charging infrastructure, power electronics, and grid edge.
Hitachi Energy and Milan-based COET have long been collaborating on Hitachi Energy’s portfolio of large-scale charging solutions – Grid-eMotion®. COET is also a leading designer, manufacturer, and supplier of DC traction products and components for railways, as well as AC and DC devices for large-scale industrial applications.
As electrical power will be the foundation of the entire energy system in the future and will help drive the green transformation of energy, the global demand for power electronics and high-power solutions will continue to grow. To succeed in achieving a carbon-neutral society, the enriched offering from Hitachi Energy will serve current and future customers, extending beyond the power grid, opening up broad opportunities in areas such as sustainable mobility, smart life, and data centers.
“We are delighted to welcome our long-term partner into the Hitachi Energy family,” said Niklas Persson, Managing Director of Station and Power Systems Business at Hitachi Energy. “The acquisition will strengthen our position as a global leader in power grid technology and energy infrastructure for electromobility, transport, and industry while COET and its customers will benefit significantly from our global reach and energy knowledge.”
COET will operate as an independent company under the management of its current board and will maintain its current business operations. It currently employs about 80 highly qualified and specialized employees.
Hitachi Energy’s Grid-eMotion offering in large-scale charging infrastructure for electric bus and truck fleets is rapidly growing globally. These industry-leading grid-to-plug and ultra-fast charging solutions have already been deployed in sustainable transport projects for bus and truck fleets in Australia, Canada, Dubai, France, Germany, Italy, Sweden, Switzerland, and the UK.
The addition of COET to Hitachi Energy’s portfolio is an expression of the acceleration of the company’s strategic development plan until 2030. Hitachi Energy is constantly strengthening its core business in power grids, while developing the global energy system to be more sustainable, flexible, and secure. This acquisition enhances our core capabilities in grid edge, including power electronics, digital technologies, and service, supporting the larger goal of developing a sustainable energy future for all.
The transaction was finalized on December 28, 2023, following regulatory approval of the sales agreement announced in August 2023.
