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News Release
Transfer of Solar Cell Business

February 19,2014
Fuji Electric Co., Ltd.

Tokyo, February 19, 2014 - Fuji Electric Co., Ltd. (headquartered in Tokyo, Japan; President Michihiro Kitazawa; TSE:6504; “FE” hereafter) has announced today that it has entered into an agreement to transfer its solar cell business to FWAVE Company, Ltd, a Japanese company wholly owned by ZinniaTek Limited of New Zealand.

1. Summary of Transfer

Business acquirer: FWAVE Company, Ltd.
Assets to be transferred: i) The land, buildings, production facilities in Kumamoto Factory and the R&D equipment in Chiba Factory
ii) Inventory assets
iii) Related trademarks and intellectual property rights pertaining to the business
Date of transfer: March 31, 2014

The acquirer is planning to continue solar cell production at the Kumamoto Factory, and will pursue business expansion through new sales and product initiatives.

Outline of ZinniaTek Limited
Registered address: Auckland, New Zealand
CEO: Andrew Leo Haynes
Foundation: June, 2008
Business description: Manufacturing and sales of multi-functional roofing and related products
Outline of FWAVE Company, Ltd.
Registered address: Kodaira City, Tokyo, Japan
Directors: Andrew Leo Haynes and Shigeharu Mano
Foundation: January, 2014
Business description: R&D, manufacturing and sales of solar cell products and roofing products as well as related products
Shareholders: ZinniaTek Limited 100%

2. About Our Future Dealings with the Solar Cell Business

(1) Fuji Electric will continue to provide after-sale service for its existing customers.
　For after-sale service, please contact:
　　Department name : Photovoltaic Section, Photovoltaic Power Generation System Department,
　　　　　　　　　　　　Power Plant Division, Power & Social Infrastructure Business Group
　　Telephone number: +81-42-583-6864
(2) Fuji Electric will support the transition of existing customers and production to FWAVE Company, Limited..
(3) Current employees employed in this business will be reallocated elsewhere within Fuji Electric.