March 6, 2012 – Hitachi and Silver Spring Networks have formed a strategic alliance to offer integrated solutions to power utilities and power users in the global smart grid sector. As part of the alliance, Hitachi will acquire convertible bonds with stock acquisition rights to be issued by Silver Spring, and the two companies will jointly undertake R&D for new products and solutions for the smart grid.

Hitachi and Silver Spring have been working together on the Japan-U.S. collaborative smart grid demonstration project on the Hawaiian island of Maui since spring 2011.

“Hitachi is delighted to form a strategic alliance with Silver Spring Networks, a leading company in smart grid technology platforms around the world,” said Yutaka Saito, vice president and executive officer of Hitachi. “Hitachi has strengths in both the power systems and information and telecommunication systems fields and has leveraged this advantage to develop smart grid systems. We are convinced that we can promote our smart grid business and create new offerings for utilities globally with Silver Spring Network’s industry-leading brand and product line-up and extensive track record.”

“Silver Spring is excited to be working with Hitachi on expanding the choice for utilities around the globe,” added Silver Spring chair, president and CEO Scott Lang. “Hitachi’s technical and market leadership and our joint collaboration will bolster our offerings not only in Japan, but will expand both companies’ smart grid global footprint.”