21 November 2023
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Addleshaw Goddard has advised Hitachi on its joint venture with FirstGroup

Addleshaw Goddard has advised Hitachi Europe Limited and Hitachi Rail Limited (wholly owned subsidiaries of Hitachi, Ltd), in relation to its joint venture with British transport operator FirstGroup plc, for the leasing of approximately 1,000 electric bus batteries valued at approximately £100 million. 

Hitachi is a Tokyo-based conglomerate engaged in the development, manufacturing and sales of products and provision of services, with its Green Energy and Mobility (GEM) sector providing power grids, renewable energy, nuclear power and rail systems. FirstGroup is a leading private sector provider of public transport services in the United Kingdom. 

As part of the arrangement, a 50:50 joint venture, NextGen AssetCo, will purchase the batteries which will then be leased to FirstGroup Energy Limited for eight years (with a two-year extension right). Hitachi ZeroCarbon will also provide battery and charging management services for the buses powered by the batteries. 

The Addleshaw Goddard's core team included: James Dawson, Andrew Smith, Tom Crill, Ashley Varney, Andrew Carter and Oliver Millerchip.

Our team

Partner, Corporate Finance
London, UK

Partner, Commercial Services
United Kingdom

Managing Associate, Corporate Finance

Associate (Admitted in New Zealand and NSW Australia), Corporate Finance

Partner, Commercial
London, UK

Managing Associate, Commercial

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