This acquisition strengthens Hitachi’s (Hitachi Energy’s Grid-eMotion division**) position in the electric mobility sector by expanding its product portfolio and production capacity of its electric vehicle charging equipment.

The companies have formed a joint venture (NextGen AssetCo) for leasing up to 1,000 electric bus batteries for GBP 100 million as part of FirstGroup’s plan to electrify its electric bus fleet in the UK. This new company will purchase the batteries, which will then be leased to First Bus over an eight-year period.

This follows an initial agreement of purchase/sale signed on December 17, 2018, for 80.1 per cent of the equity to be procured by Hitachi.

B-ON is the new brand name and logo for Luxembourg-based start-up, Odin Automotive S.à r.l., with plans for supplying last mile zero-emission light-duty delivery vehicle solutions in Europe, Asia, and North America as well as other global markets.

Electronics giant, Hitachi Ltd, last month launched a truck sharing service in Thailand to help improve road haulage efficiency in the country.