Fuji Electric and GE Joint Venture to Provide Smart Grid Technology in Japan

Fuji Electric Holdings Co., Ltd. (hereinafter referred to as “Fuji Electric”) and GE today announced that they have established GE Fuji Meter Co., Ltd., a joint-venture company to design, manufacture and market electric meters for use by Japan’s electric utilities and other customers.

Fuji Electric and GE have been preparing to establish the joint venture to provide high quality and cost competitive meters in Japan based on the JV agreement signed on July 30, 2010. The newly formed joint venture, in which Fuji Electric holds an equity stake of 50.01% and GE holds an equity stake of 49.99%, started the business today and led by two representative directors from both Fuji Electric and GE.

GE Fuji Meter Co., Ltd. integrates the complementary expertise, experience and technologies of Fuji Electric and GE. GE’s proven experience and global business development resources combined with Fuji Electric’s manufacturing capability and sales network will create high quality, cost competitive meters for customers in Japan beginning today. Details are as follows.

1. Establishment Date of the Joint-Venture Company: 

February 1, 2011 (Tuesday)

2. Overview of the Joint-Venture Company: 

(1) Company name GE Fuji Meter Co., Ltd.
(2) Head office 1-11-2 Osaki, Shinagawa-ku, Tokyo
(3) Name and title of representatives Micho Shinozaki, Chairman and representative director, CEO 
Daniel T. Nakano, President and representative director, COO
(4) Principle business activities Design, development, manufacture, sale, maintenance and repair service of meters (including smart meters and related products) for utility companies and other customers in Japan
(5) Balance date March 31
(6) Major shareholders and percentage of shares held Fuji Electric Systems Co., Ltd. (Note): 50.01% 
GE Energy Japan, Ltd.: 49.99%
(7) Number of employee Approximately 200

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