Hitachi, Ltd. and Silver Spring Networks, Inc. have formed a strategic alliance under which Hitachi and Silver Spring propose to offer integrated solutions to power utilities and power users in the global smart grid sector. The strategic alliance will strengthen the two companies’ solutions and expand their businesses around the world. Their products and solutions will focus on improving efficiency in the power and information fields, leveraging the existing strengths and market leadership of both companies.
As part of the strategic alliance, Hitachi will acquire convertible bonds with stock acquisition rights to be issued by Silver Spring. 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 the spring of 2011. This alliance will strengthen and expand that relationship.