Three Companies Plan Merger of Hydro Electric Interests

Project development and machinery supply planned in consolidation proposal

Three Japanese corporations have agreed to a proposed merger of their interests in the hydroelectric power industry. The planned venture by Hitachi Ltd., Mitsubishi Electric Corp. and Mitsubishi Heavy Industries would be established in the fourth quarter of 2011, with the purpose of marketing, installing, and servicing hydroelectric power generation systems for electric utilities in Japan and overseas.

Anticipating that hydro power projects will supply the demand for renewable energy, in Japan, China, Latin America, and India, the partners propose pooling their operating resources and integrating their engineering, development and design functions.

The new company also would conduct related engineering for hydropower generation systems, and develop water turbines, water turbine generators, control systems, and other main components for hydropower generation systems.

The name of the new company and its planned capitalization has yet to be decided.

Hitachi Ltd. is a global electronics company with interests that include information and telecommunication systems, power systems, environmental, industrial and transportation systems, and social and urban systems, and the high-tech materials and devices that support them.

Mitsubishi Electric Corp. manufactures electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment.

Mitsubishi Heavy Industries, Ltd. is a heavy machinery manufacturer, with products that support shipbuilding, power plants, chemical plants, environmental equipment, steel structures, industrial and general machinery, aircraft, space rocketry, and air-conditioning systems.

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