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.
April 27, 2012
Tokyo, April 26, 2012 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced that the Company accepted an invitation from the Republic of Latvia to join representatives from the Latvian and Japanese governments at a conference organized by the Investment and Development Agency of Latvia and the Ministry of Economics of the Republic of Latvia dealing with the Visaginas Nuclear Power Plant construction project. The conference was held on April 26 at Riga Technical University in Latvia. Hitachi gave a presentation on its nuclear business and its activities in Europe, particularly in Eastern Europe where future development is anticipated.
Hitachi also gave a technical presentation on the Visaginas NPP Project aimed at academic researchers and students which included a wide ranging discussion and sharing of views with the audience.
The presentations were targeted at the economic and academic communities respectively. The morning session was attended by approximately 100 representatives of leading economic agencies and other organizations, including Daniels Pavluts, Minister of Economy in the Latvian government who spoke about the importance of the Visaginas NPP Project, and Ambassador Extraordinary and Plenipotentiary Takashi Osanai of Japan, who also commented on its significance for economic revitalization and the security of electricity supply in the Baltics. Dr. Aris Zigurs, CEO of Latvenergo, gave overview of Latvia's perspective to join Visaginas project. Dr. Rimantas Vaitkus, CEO of Visagino Atomine Elektrine (VAE), the Visaginas NPP development company, gave a presentation on the Project. Also, Masaharu Hanyu, Vice President and Executive Officer of Hitachi, Ltd., together with Akira Shimizu, Managing Director of Hitachi Europe Ltd., and other associated Hitachi staff, gave a summary of the Hitachi Group, its business strategy as well as procurement policy for Europe, its operations in the Baltics, and its Lithuania office (in Vilnius) which was newly opened this month.
In the afternoon session, Professor Leonids Ribickis, Rector of Riga Technical University introduced the technical presentation which was given to approximately 300 researchers, including Latvian electrical engineers and students. Hitachi gave a presentation on the Advanced Boiling Water Reactor (ABWR) it is proposing for the Visaginas NPP project, the only generation III nuclear reactor with a proven operational track record anywhere in the world. Topics covered in the presentation extended from the basic design of the ABWR and how it differs from other types of nuclear reactor to the plant's operating technology and the training of nuclear engineers. It included an active discussion and sharing of views.
The proposed ABWR has an enhanced level of safety, drawing on experience from the Great East Japan Earthquake. It has an alternative power supply and incorporates countermeasures able to restore cooling functions as necessary. In executing this project, Hitachi will team up with U.S.-headquartered General Electric Company, Hitachi's partner in the nuclear power business, and GE Hitachi Nuclear Energy. In addition, Hitachi and Hitachi-GE will also collaborate with local companies and contribute to the creation of jobs in local industries in both the construction and operation of the plant.
Hitachi is accelerating the global deployment of its Social Innovation Business, which supplies social infrastructure underpinned by highly reliable and efficient information and telecommunication systems technology. Hitachi sees central and eastern Europe, including countries like Lithuania and Latvia where this technical presentation was held, as one of its key regions and the Company intends to expand its activities further based around its Social Innovation Business.
| Office Name | Hitachi Europe Ltd. Representative Office in Lithuania |
|---|---|
| Establish date | 1st April 2012 |
| Address | Regus Center Vilnius Old Town Vilniaus 31/Islandijos 1, Vilnius, LT 01402, Lithuania Tel: +370 52100 238 |
Hitachi-GE, a joint venture established by Hitachi and GE in July 2007, as the world's top-class comprehensive plant manufacturer, engages in the development, planning, design, manufacture, inspection, installation, pre-operation, and maintenance of nuclear reactor-related equipment and is able to execute integrated project management for controlling these operations. Hitachi GE has been involved in 23 reactors in Japan to date, including those currently under construction. Among them, it has participated in all of Japan's ABWR projects-four ABWRs are already operational and three are under construction. Overseas, it supplied major nuclear reactor equipment for the Lungmen Nuclear Power Plant in Taiwan.
Hitachi and GE established joint venture companies in 2007 to construct, maintain, and provide related services for nuclear power plants in Japan and the United States, and are proactively pursuing international business activities. The Japanese joint venture, Hitachi-GE Nuclear Energy, Ltd., is roughly 80％ owned by Hitachi and 20％ owned by GE, and in the United States, GE-Hitachi Nuclear Energy is 40％ owned by Hitachi and 60％ owned by GE. Both companies are utilizing their accumulated know-how and experience to further expand their nuclear power businesses in global markets.
Hitachi, Ltd., (NYSE: HIT / TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 360,000 employees worldwide. Fiscal 2009 (ended March 31, 2010) consolidated revenues totaled 8,968 billion yen ($96.4 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.
