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The new company will be based in Ireland, Willis home base, lowering taxes for Towers Watson, which is headquartered in Arlington, Virginia.
Willis and Towers, both of which have offices on Par-la-Ville Road in Hamilton, expect between 0 million and 5 million in cost savings within three years of closing the deal.
Urban Maximum Industries (UMI), headed by founder Craig Looby, is spearheading the plan, along with US firm Hydrogen 411 Technology.
The group has already showed their ideas, which entail using a mix of wind, solar and hydrogen fuel to power the Island, to Government representatives in preliminary discussions.
With Government having put forward its proposals for electricity policy last Friday and Belco about to make public its own vision, Mr Looby is well aware that decisions made now will have an impact for generations to come. This is a once-in-a-lifetime opportunity for Bermuda to free itself from fossil fuels.
During the research, he came across Hydrogen 411 Technology, a consulting firm that specializes in numerous forms of alternative energy.
As we bring these two companies together, we are confident associates across both organizations will enjoy increased development opportunities as part of a stronger and more global growth company.
And any electricity system has to have sufficient capacity to meet peak demand which Belco reported as 107 megawatts (MW) last year, down from 123MW as recently as 2010.
The UMI plan could overcome those problems with generator sets powered by hydrogen fuel derived from seawater through the process of electrolysis.
The companys founder John Ballor, a former professional musician and Emmy award-winning cameraman, has a passion for renewable energy and believes Bermudas economy could be transformed by a switch away from hydrocarbons.
"There is a basic problem with both solar and wind energy when the sun isnt shining or the wind isnt blowing, there are interruptions in supply.
The plan includes Belco converting its Pembroke power plant to burn to burn natural gas instead of heavy oil and diesel.