OREANDA-NEWS. November 09, 2011. Hitachi, Ltd. (NYSE: HIT / TSE: 6501, "Hitachi"), Cyber Defence Institute, Inc. ("Cyber Defence Institute") and Mizuho Corporate Bank, Ltd. ("Mizuho Corporate Bank") today announced that the companies have been selected as contractors for a world-leading smart grid demonstration project on Maui Island in Hawaii ("Project"), spearheaded by the New Energy and Industrial Technology Development Organization ("NEDO") as the result of feasibility study which was conducted from May to September this year by Hitachi and other companies. Serving as the project leader, Hitachi will take a leading role and coordinate the entire project.

The Project, a joint undertaking by the U.S. and Japan, is based on the Japan-U.S. Clean Energy Technologies Action Plan, which was agreed to following the Japan-U.S. Heads of State Summit held in November 2009. These contractors will cooperate with the State of Hawaii, Hawaiian Electric Company, Inc., the University of Hawaii, and the U.S. National Laboratories in the Project. The Project is expected to be completed by the end of March 2014. The estimated budget for the Project is approximately USD 37 million.

The objectives of the Project are to establish a system model for the integration of clean energy and to verify cutting-edge technologies in a smart grid system on Maui where a high percentage of renewable energy is already in place. The system being tested mitigates the impact of variable renewable energy generation and uses renewable energy efficiently. Other objectives of the Project include contributing to standardization of a low-carbon social infrastructure system deployment to other islands and semitropical regions all over the world.