Hitachi and ABB Sign Joint Venture for HVDC in Japan

Tokyo, June 15, 2015 --- Hitachi, Ltd. (TSE: 6501 / “Hitachi”) and ABB, the leading power and automation group, today signed a formal contract to establish a joint venture company for high-voltage direct current (HVDC) transmission in Japan. Closure of the transaction is subject to customary regulatory approvals with the intention of establishing the joint venture in August. Hitachi will own 51% of the joint venture and ABB will own 49%.The new joint venture will be based in Tokyo and will provide ABB’s latest technology to HVDC projects on which Hitachi is the prime contractor, taking full responsibility for all aspects of direct current (DC) systems from design to engineering and equipment supply as well as after-sales service. The intention is to contribute to wide-area electric power distribution networks in Japan by combining Hitachi’s sales network, project management know-how, and quality assurance processes with leading-edge HVDC technology and system integration capability from ABB.