Silver Spring forms strategic Smart Grid alliance with Hitachi

Silver Spring Networks, Inc. said it formed a strategic alliance with Hitachi, Ltd. (HIT) under which both the companies propose to offer integrated solutions to power utilities and power users in the global Smart Grid sector.

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 announced, 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.

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