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Echelon Corp. (ELON) And Holley Metering To Form Joint Venture Smart Grid Solutions Company In China

|Includes: Echelon Corporation (ELON)

Echelon Corporation and Holley Metering Limited announced today an agreement between the two companies to form a joint venture company in China. Zhejiang Echelon-Holley Technology Co. Ltd. will focus on developing and selling advanced smart metering products for China.

Headquartered in Hangzhou, China, the new company will develop advanced smart metering and related solutions to deliver performance, reliability, and expanded functionality to China's emerging smart grid - answering the mandate to connect 300 million homes and businesses to the country's smart grid over the next five years. The partnership will combine the expertise of Echelon's Silicon Valley energy control networking center, which retains two decades of experience in power line control and smart grid communications hardware and software platforms, with Holley Metering's expanse of metering solutions, affordable manufacturing competencies and vast customer relationships.

This joint venture is majority owned by Echelon; both companies will contribute cash and resources to the new company. The joint venture is anticipated to be operational by the third quarter of 2012.

Echelon Corporation is a world leader in energy control networking for smart grid, smart city, and smart building applications. The company's platform is embedded in more than 100 million devices, 35 million homes, and 300,000 buildings. Echelon helps customers' reduce their operational costs, enhance safety, grow revenues and prepare for the future.

For more information about the company, visit www.echelon.com

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