Hitachi to sink USD 4.5 bn into energy transition: Hitachi Energy is planning to invest USD 4.5 bn to accelerate the clean energy transition, doubling its investments in manufacturing, engineering, digital, R&D, and partnerships from 2024 to 2027, according to a statement. The move aims to enhance global R&D and manufacturing capacity for transformers, high-voltage products, and power electronics-based solutions. The investment will also support grid automation, software solutions, and services.

Hitachi has a regional presence: The company signed an agreement with Saudi Electricity Company and Neom’s water management and utility company Enowa signed an agreement to build a 3 GW, 650 km high voltage direct current (HVDC) transmission system connecting Neom’s floating industrial complex Oxagon to the country’s port city of Yanbu last year. The company also supplied the equipment to connect Vesta's 250 MW wind farm in Egypt’s Gulf of Suez to the national grid.

Volvo shifts Chinese EV production to Belgium over EU tariffs: Swedish carmaker Volvo, which is majority-owned by China's Geely, is shifting production of its Chinese-made EVs to Belgium in anticipation of an EU crackdown on Beijing-subsidized imports, Reuters reports. This move aims to avoid a halt in sales of Chinese-built EVs in Europe if new tariffs are introduced. The production shift involves Volvo's EX30 and EX90 models, and will potentially extend to UK-bound models as well.

REMEMBER- EU is investigating China’s “artificially low” EV pricing: The EU has launched an investigation into Chinese subsidies for EVs in efforts to ward off a flood of cheap imports. “Their [China’s] price is kept artificially low by huge state subsidies which is distorting our market,” head of the EU’s executive arm Ursula von der Leyen said in her annual speech to the European Parliament last year.

And Beijing is not happy: China slammed the probe, saying it will have a “negative” impact on economic and trade ties. "China believes the investigative measures proposed by the European Union are in reality to protect its own industry in the name of 'fair competition'," the country’s Commerce Ministry said.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Kansai Electric Power to Issue JPY 30 bn transition bond for nuclear projects: Kansai Electric Power Co plans to issue Japan's second transition bond, worth about JPY 30 bn (USD 191 mn), to fund nuclear and zero-carbon thermal power projects. (Bloomberg)
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