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News Release

Transfer of Solar Cell Business

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.

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