Tag: Pakistan

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Elavon and FreedomPay to transform payments for hospitality and retail in Europe

LONDON, April 24, 2024 (GLOBE NEWSWIRE) — Elavon, a leading global payments provider, today announces its expanded collaboration in Europe with FreedomPay, a global leader in Next Level Commerce™ technologies. The partnership aims to deliver cutting-edge integrated commerce solutions and omni-channel payments technology to large enterprise merchants across Retail and Hospitality.

The agreement pairs Elavon acquiring with FreedomPay commerce technologies to benefit Elavon merchants across Europe, empowering businesses with enhanced payment flexibility and optionality, data security, and a seamlessly integrated payments technology across both physical and ecommerce channels.

“Elavon and FreedomPay have an enviable track record in Europe of helping hospitality and retail merchants grow their operations and better meet their customers’ needs,” said Hemlata Narasimhan, President of Elavon in Europe. “We’re pleased to extend our relationship with FreedomPay to continue to offer the first-class payments experience we’ve become known for.”

Elavon has long been a leader in hospitality and retail payments, and integrating with the FreedomPay Commerce Platform merges security, identity, payments, loyalty, and advertising with proprietary data driven solutions.

“Together, Elavon and FreedomPay are reshaping the global payments landscape, introducing greater functionality and innovation to enterprise businesses and their customers,” said Chris Kronenthal, President of FreedomPay. “Merchants can now expect a seamless and consistent payments experience backed by Next Level data, loyalty, and security.”

About Elavon (elavon.co.uk)

Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go.

Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.

Elavon Financial Services DAC. Registered in Ireland with Companies Registration Office. The liability of the member is limited. United Kingdom branch registered in England and Wales under the number BR022122.

Elavon Financial Services DAC, trading as Elavon Merchant Services, is a credit institution authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

About FreedomPay (www.freedompay.com)

FreedomPay’s Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge and enables merchants to unleash the power of pay. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay’s technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce.

The company maintains a world-class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point-to-Point Encryption (P2PE/EMV) standard in North America. FreedomPay’s robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale.

Contact info:
Hayley Myles
Hill & Knowlton for FreedomPay
Hayley.Myles@hillandknowlton.com

GlobeNewswire Distribution ID 9104791

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Bombardier Unveils Bold New Brand Identity Worldwide as Company Soars Toward an Ambitious Future

  • A new logo celebrates the company’s successful shift toward pure-play business aviation. The symbol itself, the Bombardier Mach, features the silhouette of an aircraft breaking the sound barrier, while the strokes of wind over a wing reference the company’s heritage
  • The employee value proposition “where heart meets mastery” focuses on Bombardier’s talented people, celebrating the workforce’s renowned passion, its incredible craftsmanship and profound technological expertise
Bombardier Global 8000 with Bombardier’s new logo, the Mach.
Bombardier Global 8000 with Bombardier’s new logo, the Mach.

Bombardier Global 8000 with Bombardier’s new logo, the Mach.

MONTRÉAL, April 24, 2024 (GLOBE NEWSWIRE) — Bombardier, the worldwide leader in business aviation, today unveiled a new brand identity anchored by the evolution of the company’s logo. As Bombardier successfully moves forward as a company with a sole focus on designing, building and servicing the world’s best business jets, the new brand identity will reinforce and propel the company’s unique approach to its customers and stakeholders—putting people at the centre and instilling a one-of-a-kind sense of family.

Bombardier has established itself as a world leader in business aviation building on the pillars of its smooth-flying business jet portfolio, freshly expanded worldwide service network and a successful, growing Bombardier Defense team. Throughout its industry-defining history, Bombardier has maintained its bold innovative spirit while remaining true to its entrepreneurial roots and family values. The new brand identity reflects the success of Bombardier’s passionate and talented teams, who set the standard when it comes to delivering the highest performing jets and world-class service to their clients around the world.

“Today is a historic moment for more than 18,000 incredibly talented and passionate Bombardier team members. Our iconic company is looking forward with confidence and an innovative spirit, two notions captured elegantly in our new logo and brand evolution,” said Éric Martel, President and CEO, Bombardier. “Our clients worldwide are leaders who shape the world and who expect us to deliver a truly memorable experience. When asking them what sets Bombardier apart, the notion of ‘like family’ comes back time and again as a true differentiator.”

Martel added: “Finally, Bombardier would not be where it is today without the best people. They are true masters of their craft, bridging some of the world’s most complex technology with a highly personal and passionate approach to aircraft interior artistry, defense modifications, 24-7 services and much more. Our new company brand honours these highest standards our people themselves have set for our industry.”

A new logo, inspired by innovation and heritage

The new Bombardier logo celebrates the company’s successful shift toward building, designing, servicing and modifying the world’s best jets. The symbol itself, the Bombardier Mach, features the silhouette of an aircraft breaking the sound barrier—an ode to the ambition and innovative spirit of Bombardier’s talented people—while the strokes of wind over an aircraft reference the company’s deeply rooted heritage and the Learjet brand’s storied winglet iconography.

“This evolved brand is a catalyst for Bombardier to differentiate itself as a global leader, not just amongst aerospace and defense peers, but proudly with the world’s leading inspirational brands,” said Ève Laurier, Vice President, Communications, Marketing and Public Affairs, Bombardier. “Our brand has been crafted to coherently tie notions of our heritage and precision-driven engineering. The brand describes our future, in which we will express a heightened sophistication of our technology, how our employees master their craft and, above all, the customer experience.”

Laurier added: “Bombardier’s new impactful logo echoes the pride and passion we all have for our industry and will further be supported by a suite of evocative imagery featuring Bombardier’s own team members at the peak of their respective craft. Their work to elevate performance and sustainability in business aviation, services and defense continues to redefine the industry.”

Fusing technology with the notions of customer experience and sophistication is further reflected in the bespoke typeface leveraged by the new logo. The typeface is both modern and refined with subtle serifs that connect to the language of the symbol and highlight Bombardier’s passion for precision.

Forward-looking, forward-thinking

The Bombardier Global 8000* aircraft is a key example of this. This “flagship of a new era” is set to enter service in the second half of 2025(1) as the ultimate all-in-one jet, delivering the fastest speed, longest range and the smoothest ride in the industry. In parallel, Bombardier has further taken the lead on the future of aircraft design with the EcoJet research project, a groundbreaking initiative that leverages the blended-wing-body aircraft configuration to reduce emissions by up to 50%(1).

Bombardier Defense will also carry forward its mission as a flexible and reliable ally to worldwide governments and militaries. The group will continue operating under the Bombardier Defense flag, offering innovative capabilities equipped on aircraft such as the Bombardier Global 6500, which are changing what is possible in the surveillance, reconnaissance and multi-mission spaces, and more.

About Bombardier

At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.

For them, we are committed to pioneering the future of aviation—innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.

Bombardier customers operate a fleet of approximately 5,000 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico.

For Information

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com.

Learn more about Bombardier’s new brand on this new dedicated web page. Follow us on X @Bombardier.

Media Resources
Bombardier General Contact Webform
Bombardier Media Kit

Mark Masluch
+1-514-855-7167
mark.masluch@aero.bombardier.com

Bombardier, Learjet, Global, Global 6500 and Global 8000 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.
*The Global 8000 aircraft is currently under development and remains to be finalized and certified. It is expected to enter into service in 2025. All specifications and data are approximate and may change without notice and are subject to certain operating rules, assumptions and conditions.
(1) Forward-looking statement based on current expectations. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from those set forth in the forward-looking statements. Please refer to the “Forward-Looking Statements” disclaimer contained in Bombardier Inc.’s most recently published financial report for additional details.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/42ae3e16-0781-44ca-a524-24448b5b145e

GlobeNewswire Distribution ID 9105549

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ThreatLocker® Raises $115M Series D to Continue Delivering Zero Trust Endpoint Security to More Organizations

Round led by global growth equity firm General Atlantic, along with StepStone Group and the D. E. Shaw group, to accelerate product innovation and increase reach of Zero Trust endpoint security to organizations globally.

ORLANDO, Fla., April 24, 2024 (GLOBE NEWSWIRE) — ThreatLocker®, a global cybersecurity leader that offers a Zero Trust endpoint security solution, today announced it has raised $115M in Series D funding led by existing investor General Atlantic, a leading global growth equity firm, with participation from other major investors StepStone Group and the D. E. Shaw group. With the new investment, ThreatLocker® will continue to focus on driving product innovation to bring the power of Zero Trust security to more organizations and accelerating the company’s global expansion.

ThreatLocker® provides organizations with the ability to protect their IT operations with an effective Zero Trust approach to cybersecurity. The product suite provides enterprise-level server and endpoint security by blocking untrusted software, including ransomware, scripts and libraries, and exploits of known and unknown application vulnerabilities through Default Deny Application Control, Ringfencing™, Storage Control, Privileged Access Management, Network Access Control, as well as its new Endpoint Detection & Response (EDR) and Managed Detection & Response (MDR) solutions. ThreatLocker® believes that its customers should have complete control over their network and devices, know what is trying to infiltrate their stack, and not live in fear of the next cyberattack. With a powerful security tool suite designed to enable organizations to easily and directly control exactly what applications run on their endpoints, ThreatLocker® customers can rest assured knowing that their businesses are protected using the Zero Trust model framework that protects them from various cyber threats, including unknown malware, ransomware, and exploits for known and unknown vulnerabilities.

ThreatLocker® CEO Danny Jenkins commented, “ThreatLocker has made a huge impact in the industry in driving a least-privilege approach forward over the last few years and has introduced new EDR and MDR products within a single cybersecurity platform for our customers. We believe this new injection of capital will enable us to continue to develop Zero Trust products and grow ThreatLocker’s market presence. We are very excited to be partnering again with General Atlantic, as well as with new investors, StepStone Group & the D. E. Shaw group, and look forward to leveraging their teams’ deep experience in bringing products to market and scaling technologically-disruptive businesses.”

To add to this, ThreatLocker® COO Sami Jenkins commented, “We are thrilled to extend our partnerships with General Atlantic and look forward to working with StepStone and the D. E. Shaw group.” 

The new investment follows another year of growth as ThreatLocker® doubled its revenue and added 50% to its workforce. Today, ThreatLocker® has thousands of partners and protects over 50,000 organizations. Serving companies who are serious about security, ThreatLocker® partners with Enterprises and Managed Service Providers (and MSSPs), including many financial institutions, healthcare organizations, and airlines such as Emirates and JetBlue Airways.

Gary Reiner, Operating Partner at General Atlantic, continued, “ThreatLocker effectively takes the guesswork out of threat detection with its Zero Trust approach. As companies of all sizes increasingly focus on filling in gaps in their security stacks, Zero Trust is becoming a necessity – and we view ThreatLocker as an emerging leader in this paradigm shift. We are thrilled to further our partnership with the team to accelerate ThreatLocker’s growth as an endpoint security disruptor.”

About ThreatLocker® 
ThreatLocker® is a global cybersecurity leader, providing enterprise-level Zero Trust cybersecurity tools to improve the security of servers and endpoints. Founded in 2017 by Danny Jenkins, Sami Jenkins, and John Carolan, ThreatLocker® now serves thousands of organizations globally and is headquartered in Orlando, Florida, USA. For more information, visit: https://www.threatlocker.com/

About General Atlantic
General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $84 billion in assets under management inclusive of all products as of March 31, 2024, and more than 300 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About The D. E. Shaw Group
The D. E. Shaw group is a global investment and technology development firm with more than $60 billion in investment capital as of March 1, 2024, and offices in North America, Europe, and Asia. Since our founding in 1988, our firm has earned a reputation for successful investing based on innovation, careful risk management, and the quality and depth of our staff. We have a significant presence in the world’s capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies. For more information, visit www.deshaw.com.

Media Contacts

ThreatLocker®
Spencer Ford
(689) 217-4246
spencer.ford@threatlocker.com

General Atlantic
Emily Japlon & Sara Widmann
media@generalatlantic.com

The D. E. Shaw group
media-inquiries@deshaw.com

Spencer Ford
ThreatLocker Inc.
+16892174246
spencer.ford@threatlocker.com

GlobeNewswire Distribution ID 9104839

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ThreatLocker® Raises $115M Series D to Continue Delivering Zero Trust Endpoint Security to More Organizations

Round led by global growth equity firm General Atlantic, along with StepStone Group and the D. E. Shaw group, to accelerate product innovation and increase reach of Zero Trust endpoint security to organizations globally.

ORLANDO, Fla., April 24, 2024 (GLOBE NEWSWIRE) — ThreatLocker®, a global cybersecurity leader that offers a Zero Trust endpoint security solution, today announced it has raised $115M in Series D funding led by existing investor General Atlantic, a leading global growth equity firm, with participation from other major investors StepStone Group and the D. E. Shaw group. With the new investment, ThreatLocker® will continue to focus on driving product innovation to bring the power of Zero Trust security to more organizations and accelerating the company’s global expansion.

ThreatLocker® provides organizations with the ability to protect their IT operations with an effective Zero Trust approach to cybersecurity. The product suite provides enterprise-level server and endpoint security by blocking untrusted software, including ransomware, scripts and libraries, and exploits of known and unknown application vulnerabilities through Default Deny Application Control, Ringfencing™, Storage Control, Privileged Access Management, Network Access Control, as well as its new Endpoint Detection & Response (EDR) and Managed Detection & Response (MDR) solutions. ThreatLocker® believes that its customers should have complete control over their network and devices, know what is trying to infiltrate their stack, and not live in fear of the next cyberattack. With a powerful security tool suite designed to enable organizations to easily and directly control exactly what applications run on their endpoints, ThreatLocker® customers can rest assured knowing that their businesses are protected using the Zero Trust model framework that protects them from various cyber threats, including unknown malware, ransomware, and exploits for known and unknown vulnerabilities.

ThreatLocker® CEO Danny Jenkins commented, “ThreatLocker has made a huge impact in the industry in driving a least-privilege approach forward over the last few years and has introduced new EDR and MDR products within a single cybersecurity platform for our customers. We believe this new injection of capital will enable us to continue to develop Zero Trust products and grow ThreatLocker’s market presence. We are very excited to be partnering again with General Atlantic, as well as with new investors, StepStone Group & the D. E. Shaw group, and look forward to leveraging their teams’ deep experience in bringing products to market and scaling technologically-disruptive businesses.”

To add to this, ThreatLocker® COO Sami Jenkins commented, “We are thrilled to extend our partnerships with General Atlantic and look forward to working with StepStone and the D. E. Shaw group.” 

The new investment follows another year of growth as ThreatLocker® doubled its revenue and added 50% to its workforce. Today, ThreatLocker® has thousands of partners and protects over 50,000 organizations. Serving companies who are serious about security, ThreatLocker® partners with Enterprises and Managed Service Providers (and MSSPs), including many financial institutions, healthcare organizations, and airlines such as Emirates and JetBlue Airways.

Gary Reiner, Operating Partner at General Atlantic, continued, “ThreatLocker effectively takes the guesswork out of threat detection with its Zero Trust approach. As companies of all sizes increasingly focus on filling in gaps in their security stacks, Zero Trust is becoming a necessity – and we view ThreatLocker as an emerging leader in this paradigm shift. We are thrilled to further our partnership with the team to accelerate ThreatLocker’s growth as an endpoint security disruptor.”

About ThreatLocker® 
ThreatLocker® is a global cybersecurity leader, providing enterprise-level Zero Trust cybersecurity tools to improve the security of servers and endpoints. Founded in 2017 by Danny Jenkins, Sami Jenkins, and John Carolan, ThreatLocker® now serves thousands of organizations globally and is headquartered in Orlando, Florida, USA. For more information, visit: https://www.threatlocker.com/

About General Atlantic
General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 520 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $84 billion in assets under management inclusive of all products as of March 31, 2024, and more than 300 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About The D. E. Shaw Group
The D. E. Shaw group is a global investment and technology development firm with more than $60 billion in investment capital as of March 1, 2024, and offices in North America, Europe, and Asia. Since our founding in 1988, our firm has earned a reputation for successful investing based on innovation, careful risk management, and the quality and depth of our staff. We have a significant presence in the world’s capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies. For more information, visit www.deshaw.com.

Media Contacts

ThreatLocker®
Spencer Ford
(689) 217-4246
spencer.ford@threatlocker.com

General Atlantic
Emily Japlon & Sara Widmann
media@generalatlantic.com

The D. E. Shaw group
media-inquiries@deshaw.com

Spencer Ford
ThreatLocker Inc.
+16892174246
spencer.ford@threatlocker.com

GlobeNewswire Distribution ID 9104839

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UK businesses must prioritise payment technology to build customer loyalty and stay competitive: New research from Lloyds Bank and FreedomPay

London, United Kingdom, April 23, 2024 (GLOBE NEWSWIRE) —
  • Less than a third (27%) of businesses are confident they offer seamless payments experiences.
  • Almost two-thirds of businesses (59%) across Retail, Food & Beverages and Hospitality believe a good checkout experience offers the same competitive advantage as having the best products.
  • Customer preference is the factor most likely to influence businesses’ investment in payment technologies.

New research from Lloyds Bank and FreedomPay highlights the importance of UK businesses investing in new payment technology.

Two-thirds (59%) of UK Retail, Food & Beverage (F&B) and Hospitality companies were found to already put payments at the heart of their customer experience strategy, reflecting the growing importance of payment options to customers.

For retail-focused businesses, 59% believe that a good checkout experience is essential to building customer loyalty, with respondents believing it is as much a competitive advantage as having the best products.

Meanwhile, 57% of retailers said that a poor payment experience could have a detrimental effect on their business, pushing customers to competitors who offer a better experience.

The findings come as payment infrastructure is increasingly viewed as a critical part of customers’ shopping experience. As high inflation takes its toll on both independent venues and enterprise chains, this research demonstrates the need for businesses to prioritise customer satisfaction and build brand loyalty.

A Chip Off the Old Block

However, despite understanding the importance of providing a good payment experience for customers, making this a reality appears to be a challenge for many businesses.

Half of all business surveyed (49%) said they had not invested in payment solution updates at all, and only 27% of respondents felt confident in their omnichannel payment experience offering.

This disparity highlights that businesses have a lot of room for growth, as investment in new payment technology could lead to significantly enhanced customer experiences and result in increased sales.

Data leads to better customer engagement

Other findings highlighted how businesses are using data, with many understanding that payments data can help them to make more informed decisions. 80% of respondents said they are using payments data to learn more about their customers to tailor services and products for them, which can be crucial to maintaining customer engagement and driving brand loyalty.

FreedomPay’s President Chris Kronenthal said:
“What is evident from our research is that brands must focus on payments innovation now more than ever. Understanding what customers expect and want from a payment experience is fundamental to ensuring that customers keep coming back. Choosing the right payments partner can support strategic business decisions and streamline checkout to help to deliver a personalised, seamless, and data-driven experience any time, any place.”

Melinda Roylett, Managing Director, Lloyds Bank Merchant Services said:
“The way we pay has undergone rapid shifts in the past few years. Accelerated by the pandemic, technological advancements and innovative ways of using open banking have led to the increasing adoption of contactless, digital wallet solutions and embedded finance options such as Buy Now, Pay Later. Consumers now have more choice than ever. This means that businesses also need to think about how they use the payment experience at checkout to build business growth.”

We hope you enjoy the full Report at lloydsbank.com/paymentsinsight

ABOUT FREEDOMPAY

FreedomPay’s Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay’s technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world-class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point-to-Point Encryption (P2PE/EMV) standard in North America. FreedomPay’s robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

ABOUT LLOYDS BANKING GROUP

  • Lloyds Banking Group is a leading UK based financial services group providing a wide range of banking and financial services, focused on personal and commercial customers.
  • We are proud to be by the side of British business, supporting more than 1 million UK businesses with leading digital and relationship banking services, as they start up, grow, thrive and trade internationally.
  • As part of the Group, Lloyds Bank Cardnet Merchant Services offers leading end-to-end payment acceptance solutions. We help businesses from all parts of the UK, and across all different sectors and sizes, giving them the support they need to take payments online, in store, or over the phone at any time.
  • For more information on how we help businesses to receive payments please visit: www.lloydsbank.com/cardnet

Attachments

Adam Charles, Media Relations
Lloyds Bank
0207 356 2374
Adam.charles@lloydsbanking.com

Hill & Knowlton for FreedomPay
freedompayUK@hillandknowlton.com

GlobeNewswire Distribution ID 9104694

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Hitachi Energy to invest additional $1.5 billion to ramp up global transformer production by 2027

Capacity expansion will increase speed to market to meet accelerating global demand, address long-term customer investments and create over 4,000 jobs — Investments span across Europe, the Americas, and Asia leveraging existing global footprint — Around $180 million in a new state-of-the-art transformer factory in Finland, a key location for clean technology development for renewables and industrial electrification

Zurich, April 23, 2024 (GLOBE NEWSWIRE) — Hitachi Energy today revealed investments of over $1.5 billion to ramp up its global transformer manufacturing capacity to keep pace with the growing demand and support the long-term plans and electrification efforts.

The investments will gradually expand the company’s global transformer capacity by 2027 and are in addition to the $3 billion already announced to progress on the electrification of the energy system driven by the energy transition.

“The demand for transformers and electrical equipment has grown at an unprecedented scale, and we are investing to address our customers’ mid- and long-term needs. We are developing our global footprint and capacity and progressing in digitalization and technology to deliver even more sustainable and reliable solutions,” said Bruno Melles, Managing Director of the Transformers Business at Hitachi Energy, during the company’s flagship customer event, Energy & Transformers Days in Rome, Italy.

Today, the company is also announcing an investment of around $180 million in a new state-of-the-art transformer factory in the Vaasa region, Finland. This top-notch 30,000-square-meter campus will be a testament to Hitachi Energy’s dedication to innovation, quality, and environmental stewardship.

The investments complement Hitachi Energy’s broader growth efforts, which include the recently announced larger than $30 million expansion in Bad Honnef, Germany. Leveraging the company’s global footprint, additional investments will follow in Europe, the Americas, and Asia to meet the growing demand for power and distribution transformers.

Hitachi Energy’s transformer facility expansions include the ongoing project in South Boston, Virginia, US, and other recently completed projects at Jefferson City, Missouri, US, and Dos Quebradas, Colombia. In addition, the company has inaugurated new cutting-edge factories in Chongqing, China, and Hanoi, Vietnam, together with a new transformer service center in Welshpool, Australia.

“Our global investments, including the new transformer campus in Finland, underline our commitment to co-create with our utility and industry customers and partners the path to accelerate the energy transition. By strategically leveraging our global footprint, technology, and the expertise of our teams, we are not only poised to meet the global demand for sustainable energy solutions but also to drive the innovation necessary for a carbon-neutral future,” Melles added.

Transformers play a key role across the power value chain, enabling efficient transmission and distribution of electricity. They are a key component for applications such as integrating renewables, grid interconnections, powering data centers and electrifying transportation, facilitating the decarbonization of energy systems.

Hitachi Energy is the world’s largest transformer manufacturer in terms of installed base, portfolio range, manufacturing capacity, and market coverage, with over 60 transformer factories and service centers across the world.

Growing the service and digital capabilities is part of the company’s efforts to help utilities and industries operate and maintain their electrical assets. Digitalization enables efficient operations across the whole value chain, enabling reliability-centered asset management programs to help our customers extend the transformers’ life cycle, support sustainability, and allow delayed investments in new equipment.

All the announced transformer investments include sustainable and innovative manufacturing technologies for operational efficiency while ensuring high standards for safety and quality. They are advancing the company’s efforts to become carbon-neutral by 2030 and aim to create positive economic and social impact in the local communities. Hitachi Energy employs over 17,000 people across the globe in its Transformer business and plans to increase its workforce by adding 4,000 new jobs to the industry.

About Hitachi Energy
Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. We integrate more than 150 GW of HVDC links into the power system, helping our customers enable more wind and solar. Headquartered in Switzerland, we employ more than 40,000 people in 90 countries and generate business volumes of over $10 billion USD.
https://www.hitachienergy.com
https://www.linkedin.com/company/hitachienergy
https://twitter.com/HitachiEnergy

About Hitachi, Ltd.
Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the business structure of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s consolidated revenues for fiscal year 2022 (ended March 31, 2023) totaled 10,881.1 billion yen, with 696 consolidated subsidiaries and approximately 320,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

Attachment

Media Relations
Hitachi Energy
media.relations@hitachienergy.com

GlobeNewswire Distribution ID 9104173