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Hitachi, Daikin, Mizuho to Participate in U.K. Heat Pump Project

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March 13 (Bloomberg) -- Hitachi Ltd., Daikin Industries Ltd. and Mizuho Bank Ltd. will take part in a demonstration project in the U.K. aimed at expanding the use of heat pumps.

The 4 billion-yen ($39 million) project, involving 600 public-housing homes in Greater Manchester, will run for three years starting this year, Japan’s New Energy and Industrial Technology Development Organization said in a statement today. U.K.’s Department for Business, Innovation and Skills and Department of Energy and Climate Change are among the other participants.

The project will gauge the effectiveness of electrical or hybrid heat pumps, a device that extracts heat from one place and transfers it to another, in cutting heating costs compared with traditional gas-fired boilers, Hitachi, Daikin and Mizuho said in a separate statement

The partners also plan to develop a system to aggregate the load-balancing capacity from heat pumps for trading in the power market, according to the statement.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Abhay Singh, Indranil Ghosh

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