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MEIDEN and Siemens Power Generation sign joint development agreement to form an alliance for fuel cells business in Japan

November 8, 2005 14:00 pm Japan Time

The parties aim to establish a joint venture company for fuel cells business in Japan

Tokyo, November 8 ­ Meidensha Corporation ("MEIDEN") (Tokyo Stock Exchange Sticker: 6508·A President & C.E.O. Keiji Kataoka) and Siemens Power Generation, Inc. ("Siemens"), (a company based in Orlando, Florida, president of Stationary Fuel Cells Division, Dr. Thomas Flower) announced MEIDEN and Siemens signed a Joint Development Agreement ("JDA") to form a

strategic alliance relating to the development of solid oxide fuel cell ("SOFC") products in Japan. The agreement includes a defined area of development and eventual manufacturing of balance of plant, system integration, marketing, and sales and service of complete SOFC systems, featuring Siemens-manufactured fuel cell generators in Japan. This agreement sets forth the

basic terms and conditions necessary for the planned formation of a Joint Venture company for SOFC fuel cell business in Japan ("Joint Venture" or "Joint Venture Company"). Siemens intend to complete the definitive agreements for the Joint Venture. MEIDEN and

MEIDEN has rich experiences in the distributed generation market. Upon completion of this agreement, MEIDEN will include the fuel cell business in its product portfolio and will increase the competitiveness in the distributed generation market. MEIDEN also will promote alternative energy sources such as solar power, wind power and bio mass generation. By combining these power systems with SOFC fuel cells, MEIDEN plans to build a clean power generation system. For more than 30 years, Siemens has performed basic research and product development of SOFCs. The company has over 15 years experience with demonstration projects. As the world leader in

tubular SOFC technologies, Siemens intends to strongly promote SOFC fuel cell business in Japan through this planned Joint Venture Company. As it matures, SOFC technology is expected to gain

excellent market potential for growth in Japan as observed in the North America and the EU.

Drawing on MEIDEN's experiences in distributed generation and Siemens' world-class fuel cell technologies, the Joint Venture intends to offer stationary fuel cell products in the future and positively promote the various developments for the Japanese fuel cell markets, which is expected to grow over the next ten years.

About Solid Oxide Fuel Cells (SOFC): Unlike the combustion engine generation system, a fuel cell is a device that directly converts the chemical energy of a fuel (hydrogen, natural gas, methanol, gasoline, etc.) and an oxidant (air or oxygen) into electricity. Since the fuel cell generation is made by electrochemical reaction, it has There will be close to SOFCs

high electrical efficiency and excels in the carbon dioxide emission reduction.

near zero emission of nitrogen oxide and sulfur oxide in Stationary Fuel Cell Systems. operate at extremely high temperatures of about 1000ºC. efficiency, it is receiving attention as a next generation fuel cell.

Due to its high power generation When the SOFC is combined with a

gas turbine, there is a potential to achieve electrical efficiency of more than 60 percent.

About Meidensha Corporation: Founded in 1897, Meidensha Corporation ("MEIDEN") has been working to contribute to the recyclable society through our technologies and products and to the society at large as a company trusted by the people. MEIDEN has a wide spectrum of product offerings including substation equipment, electronics equipment and information and technology products. MEIDEN not only

offers such individual unit and but also offer the customer-driven optimum solutions for which we provide engineering, operation, maintenance and administration service (in Japan).

[Profile]

Capital: 17.07 Billion Yen Employee: About 4000 people Revenue for Fiscal 2004: About 140 Billion Yen

About Siemens Power Generation, Inc. Siemens Power Generation, Inc. (Siemens), headquartered in Orlando, Florida, is the regional business entity in the Americas for Siemens Power Generation's global fossil power generation business, which has an installed fleet of more than 550,000 megawatts worldwide. Siemens offers

a full spectrum of innovative, environmentally friendly, cost-effective products, and an unparalleled level of service and support, including gas and steam turbine-generator technology; world-class process control and power management systems; operations and maintenance support; power plant modernization and upgrades; and fuel cells for the distributed generation market. With more than

26,000 employees worldwide, Siemens Power Generation is committed to improving operating plant competitiveness and profitability by delivering technology-based solutions to its customers.

About Siemens in Japan Siemens in Japan is active in the fields of communications, automation and control, power, automotive, transport systems, medical and lighting. In fiscal 2004, sales of all consolidated Siemens companies in Japan were 110 billion yen with a total of 2000 employees.

Contact at MEIDEN on this press release:

Mr. Yasuyuki Mizobuchi, Assistant Manager Fuel Cells Business Development Office Power Generation Sales Engineering Division Tel: +81-3-5641-7912 E-mail: [email protected]

Contact at Siemens Power Generation on this press release:

Ms. Kaoru Omori Corporate Communications Siemens K.K. Tel: +81-3-5423-8507 E-mail: [email protected]

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