Echelon and Holley Metering combine to develop Chinese Smart Grid solutions

Echelon Corporation (NASDAQ: ELON) and Holley Metering Limited, a leading smart metering vendor in China, today announced an agreement under which the two companies will form a new joint venture company in China, Zhejiang Echelon-Holley Technology Co., Ltd. ("Echelon-Holley").

In a statement the new company stated that it is to focus on the development and sales of advanced smart metering products for China. Echelon-Holley is committed to act in the best interests of the two companies' respective customers and agents.

The new company will be headquartered in Hangzhou, China, and will develop advanced smart metering and related solutions that deliver performance, reliability and expanded functionality to China’s developing smart grid.

This transaction represents a unique relationship between leading Chinese and U.S. companies in the smart grid industry.

"With a mandate to connect 300 million homes and businesses to the smart grid over the next five years, Chinese utilities will need to leverage the best the world has to offer," said Ron Sege, chairman and CEO of Echelon.

"Our new joint venture is positioned to bring the most innovative solutions in the world to bear on China's need to deliver and use energy more efficiently by leveraging both Silicon Valley and China-based ingenuity.”

The Echelon-Holley joint venture is expected to be operational in Q3 2012.

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