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 1, 2013
Tokyo, April 1, 2013 --- Hitachi, Ltd. (TSE: 6501, "Hitachi") and Tokyo Electric Power Company, Inc. (TSE: 9501, "TEPCO") announced that the two companies Hitachi, Ltd. (TSE: 6501, "Hitachi") and Tokyo Electric Power Company, Inc. (TSE: 9501, "TEPCO") have established "THE Power Grid Solution Ltd.", a new company to expand overseas the business of consulting and engineering in the power transmission field. This business will integrate Hitachi's system solutions technologies in the power transmission field, with TEPCO's planning, operation and maintenance expertise related to power transmission facilities. The new company will commence business on April 1, 2013.
The new company's business will be supporting mainly the consulting planning and localization engineering for Hitachi's projects in the United States, the United Kingdom, and elsewhere, including user-side trial demonstrations concerning the introduction of locally generated renewable energy for local consumption. Looking ahead, based on the results of these endeavors, the new company will establish a business model of total solutions in the overseas power transmission field, ranging from formulating proposals and planning consulting to localization, operation and maintenance, with a view to expanding business globally.
Hitachi is accelerating global expansion of the Social Innovation Business which provides social infrastructures supported by highly efficient and highly reliable information and telecommunications technology. In the power transmission field, Hitachi has an extensive track record, mainly in Japan. By working closely around the world with a variety of infrastructure business operators and solution partners aligned to the needs of each overseas region, Hitachi will enhance its total solution capabilities ranging from facility planning to operation and maintenance services, with the aim of driving global business expansion.
In November 2012, TEPCO unveiled the Intensive Reform Implementation Action Plan. The plan sets forth the following policy: "Establishing a system to realize exports of electric power systems utilizing our company's knowledge and knowhow of the overseas consulting businesses in cooperation with manufacturers and financial institutions." In particular, TEPCO is considering a variety of options to establish a framework that would allow manufacturers to realize exports of electric power systems as an integrator of technologies and expertise. As part of these efforts, TEPCO seeks to build up its knowledge of projects overseas in the power transmission field, by providing the new company with expertise related to the planning, operation, and maintenance of power transmission facilities. The goal is to strengthen its operating base with the view to expanding earnings overseas.
| Name | THE Power Grid Solution, Ltd. |
|---|---|
| Establishment | April 1, 2013 |
| Location | Tokyo, Japan |
| Representative | President and Representative Director: Kiyonori Morita |
| Capital | 50 million yen |
| Shareholders | Hitachi, Ltd. (85.1%) Tokyo Electric Power Company, Inc. (14.9%)
(At establishment) |
| Employees | 6 (At establishment) |
| Business activities | Consulting and engineering in the overseas power transmission field (Support for user-side trial demonstrations concerning the introduction of locally generated renewable energy for local consumption) |
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 320,000 employees worldwide. Fiscal 2011 (ended March 31, 2012) consolidated revenues totalled 9,665 billion yen ($117.8 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes information and telecommunication systems, power systems, industrial, transportation and urban development 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.
Tokyo Electric Power Company (TEPCO) was established in 1951 to supply electric power to the Tokyo metropolitan area and for more than half a century it has continued to support society and public life with high-quality electric power. To meet growing public concern for the enhancement of reliability in supplying electricity and global environmental considerations, there is an increasing requirement for a high-quality power sector infrastructure in the field of generation, transmission and distribution. In line with such global interests, TEPCO has participated in overseas electricity consulting services, utilizing our expertise and know-how accumulated from our experience in Japan.
For more information on TEPCO, please visit the company's website at
http://www.tepco.co.jp/en/index-e.html.
