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February 25, 2010 Fuji Electric Holdings Co., Ltd. GE

Fuji Electric Holdings and GE signed MOU to form a JV for Japan's meter business

Fuji Electric Holdings Co., Ltd. (hereinafter referred to as “Fuji”) and GE today announced that they have signed a non-binding memorandum for the formation of a joint venture to design, manufacture and market electric meters, including smart meters, for use at Japan's electric utilities and other companies. The potential collaboration focuses the resources and expertise of two global companies in the energy and electrical industries.

The potential joint venture is still under negotiation by Fuji and GE. It is expected, however, that Fuji will own the majority of shares of the new JV. This joint venture integrates the complementary expertise, experience and technologies of Fuji and GE. GE's proven experience and global business development resources combined with Fuji's manufacturing capability and sales network, will create high quality, cost-competitive meters for customers in Japan.

As carbon-reduction and energy efficiency needs grow, smart meters are a vital part of a smart grid strategy for understanding, managing and optimizing electricity usage. The potential joint venture will support smart meter deployment in Japan.

Fuji has been in the meter business in Japan for more than 70 years and has established its comprehensive capability of manufacturing, selling and services. Fuji aims to be proactively involved in the smart meter business moving into the future. GE has global expertise and capability in smart grid technologies and has developed and installed meters to increase grid efficiency outside of Japan. GE’s smart meter experience will help the joint venture create high quality, flexible meters for the future.

Smart meters enable an accurate visualization of energy usage, giving consumers and utilities information to help them better monitor, understand, manage and control energy usage. The meters' two-way communications capabilities increase the efficiency and reliability of grid infrastructure, helping lower carbon emissions.

The formation of a joint venture between Fuji and GE is subject to several conditions, including the negotiation of definitive agreements and possible governmental approvals.


【About Fuji】

The Fuji Electric Group develops the business globally with electric power plants and system solutions know-how accumulated by developing social and industrial infrastructures and electric power, and superior expertise in top-level components. The Group provides power semiconductors that are indispensable in the reduction of energy consumption in industrial machines, home electronic appliances and automotive electronics, and magnetic discs used in PC disc devices. Furthermore, the Company also provides products closely linked to daily lifestyles, such as vending machines.

Moving forward, we will strive to further expand business in the field of “energy and the environment” by fusing and strengthening core technologies

Please refer to the following Web site for further information regarding the Fuji Electric Group: https://www.fujielectric.com


【About GE】

GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.

GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With 60,000 global employees and 2009 revenues of $37 billion, GE Energy www.ge.com/energy is one of the world's leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy—GE Power & Water, GE Energy Services and GE Oil & Gas—work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.

For more information, visit the company's Web site at www.ge.com. GE is imagination at work.


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