Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
February 23, 2012
Tokyo, Japan and Redwood City, CA, February 23, 2012 - Hitachi, Ltd. (NYSE:HIT / TSE: 6501, Hitachi) and Silver Spring Networks, Inc. (Silver Spring) today announced that they have formed a strategic alliance under which Hitachi and Silver Spring propose to offer integrated solutions to power utilities and power users in the global smart grid sector. The strategic alliance will strengthen the two companies' solutions and expand their businesses around the world. Their products and solutions will focus on improving efficiency in the power and information fields, leveraging the existing strengths and market leadership of both companies.
As part of the strategic alliance announced today, Hitachi will acquire convertible bonds with stock acquisition rights to be issued by Silver Spring. The two companies will jointly undertake R&D for new products and solutions for the smart grid.
Hitachi and Silver Spring have been working together on the Japan-U.S. collaborative smart grid demonstration project on the Hawaiian island of Maui since the spring of 2011. This alliance will strengthen and expand that relationship.
"Hitachi is delighted to form a strategic alliance with Silver Spring Networks, a leading company in smart grid technology platforms around the world," said Yutaka Saito, Vice President and Executive Officer of Hitachi. "Hitachi has strengths in both the power systems and information and telecommunication systems fields and has leveraged this advantage to develop smart grid systems. We are convinced that we can promote our smart grid business and create new offerings for utilities globally with Silver Spring Network's industry-leading brand and product line-up and extensive track record."
"Silver Spring is excited to be working with Hitachi on expanding the choice for utilities around the globe," said Silver Spring Chairman, President and CEO Scott Lang. "Hitachi's technical and market leadership and our joint collaboration will bolster our offerings not only in Japan, but will expand both companies smart grid global footprint"
Hitachi is accelerating the global development of its Social Innovation Business, which provides social infrastructure underpinned by advanced information technologies, with a focus on three management themes: global, the environment, and fusion. The Company boasts an extensive track record in providing a rich line-up of products and solutions. These extend from power and energy equipment related to electricity generation, transmission, conversion and distribution, systems for stabilizing power grids and systems for monitoring and controlling electricity distribution grids to front-end systems for collecting meter information; back-office systems such as facility management and billing systems. Hitachi also boasts technologies for optimally adjusting the electricity supply-demand balance by utilizing its information technologies. Hitachi is focusing on expanding smart city business, leveraging its ability to design and construct social infrastructure systems that fuse these information and control technologies.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2010 (ended March 31, 2011) consolidated revenues totaled 9,315 billion yen ($112.2 billion). Hitachi will focus more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, as well as the sophisticated materials and key devices that support them. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Silver Spring Networks is a leading smart grid networking platform technology and solutions provider. We have connected over 10 million homes and businesses throughout the world with the goal of achieving greater energy efficiency for the planet. Our innovative products enable utilities to gain efficiencies, integrate renewable energy sources and empower customers to monitor and manage energy consumption. Silver Spring Networks is used by major utilities around the globe including Baltimore Gas & Electric, CitiPower & Powercor, Florida Power & Light, Jemena Electricity Networks Limited, Pacific Gas & Electric and Pepco Holdings, Inc. among others. For more information please visit http://www.silverspringnet.com./
