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Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
January 19, 2016
--Formation of new UK Company: Hitachi Nuclear Energy Europe, Ltd.
and progress towards Joint Venture with Bechtel and JGC--
London, 19th January, 2016 - Hitachi, Ltd. (TSE:6501,"Hitachi") today announced further steps forward in enhancing its UK presence for the Engineering, Procurement and Construction (EPC) of Horizon Nuclear Power's new nuclear development - Wylfa Newydd.
The company has confirmed the incorporation of a new UK company - Hitachi Nuclear Energy Europe, Ltd. - which will lead its work in a proposed Tier-1 joint venture, as well as significant further progress with potential joint venture partners Bechtel Management Company, Ltd. ("Bechtel") and JGC Corporation ("JGC").
Speaking at UKTI's annual nuclear showcase, Hitachi Europe's Shunsuke Utena described formation of Hitachi Nuclear Energy Europe, Ltd. as "a key pillar of our increasing UK capability", while he referred to the progress with potential partners - including an MoU which facilitates the final phases of advanced negotiation - as: "showing clear intent amongst the parties, with just the details now to be confirmed".
The intention is that once formed, the joint venture (Hitachi Nuclear Energy Europe Ltd., Bechtel and JGC) will work as a Tier-1 contractor to Horizon, responsible for engineering, procurement and construction of the Wylfa Newydd project.
Executive Officer of Hitachi Nuclear Energy Europe, Shunsuke Utena said: "Wylfa is a UK project, and it's essential that we have devolved UK-management. Hitachi Nuclear Energy Europe, Ltd. will lead our work in the proposed joint venture and further embed Hitachi as a UK nuclear company".
Regarding progress in discussions with potential Tier-1 partners, he said: "Whilst the details of our agreement remain to be finalised, I am absolutely delighted that we are close to bringing together a team of such proven capability. Bechtel and JGC are world-leading in their fields, and together we are primed to help make this project a real success."
Meanwhile, Hitachi-GE Nuclear Energy, Ltd. - which has held a Front End Engineering and Design contract with Horizon Nuclear Power for some three years - will continue to provide the UK ABWR nuclear plant design, and will operate under contract to the Tier 1 team, once fully established.
|Name||Hitachi Nuclear Energy Europe, Ltd.|
|Established||30 July, 2015 - to begin operation in due course|
|Business activities||Engineering, procurement, and construction (EPC) projects |
for new nuclear power plants
Hitachi, Ltd. (www.hitachi.com), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges with our talented team and proven experience in global markets. The company's consolidated revenues for fiscal 2014 (ended March 31, 2015) totaled 9,761 billion yen ($81.3 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes power & infrastructure systems, information & telecommunication systems, construction machinery, high functional materials & components, automotive systems, healthcare and others.