Le Lézard
Classified in: Environment
Subject: Contract/Agreement

Mitsubishi Electric and Mitsubishi Heavy Industries Definitively Agree to Integrate Their Power-generator Systems Businesses


Mitsubishi Electric Corporation (TOKYO: 6503) and Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011) announced today that they have reached a definitive agreement to integrate their power-generator systems businesses under a joint venture. As previously announced, the two firms agreed in principle last December 26 on a plan to transfer their respective businesses focused on power-generator systems to a proposed joint-venture company, which Mitsubishi Electric and Mitsubishi Heavy Industries will both be the shareholder, effective April 1, 2024.

Today, the two companies have signed definitive agreements specifying the terms and conditions of integrating their power-generator systems businesses, the details of which are outlined below. Prior to the establishment of the joint-venture company, a preparatory company will be established in due course, after which the remaining details will be finalized by the three parties by around the end of December 2023.

1. Purpose of Integration

Climate change due to global warming is triggering accelerating efforts worldwide to achieve carbon neutrality by reducing greenhouse gas emissions to net zero. Increasing demand for electricity in growing economies, particularly emerging markets, and heightened concerns about energy security, are expected to drive practical transitions to new forms of energy, such as hydrogen, ammonia and other carbon-free fuels, alongside existing thermal-power generation. Large power plants, which have served as the backbone of power infrastructure so far, will play an important transitional role in balancing the variability of renewable energy due to weather and other factors.

In the midst of such market changes, Mitsubishi Electric and Mitsubishi Heavy Industries have agreed to integrate related businesses, technologies and assets to enhance market competitiveness. The integration is expected to strengthen the partnership between the two companies to an unprecedented level in order to expand their power-generator systems business globally and contribute to a carbon-neutral world.

For the full text, please visit: www.MitsubishiElectric.com/news/


These press releases may also interest you

at 11:50
The "White (Natural) Hydrogen Market: Focus on Exploration, Identified Deposits, and Future Scenarios" report has been added to ResearchAndMarkets.com's offering. The white hydrogen market is likely to be driven by the demand for sustainable energy...

at 11:15
The "Europe Power Supply Equipment Market for Water Electrolysis: Focus on Application, Equipment Type, and Country - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering. The Europe power supply equipment...

at 11:10
Cypress Creek Renewables is pleased to announce that Jeremy Wodakow has taken on the role of Chief Commercial Officer (CCO). In this expanded role, he will now oversee Cypress Creek Solutions, which manages the company's 2.2GW operating Fleet and...

at 11:05
In partnership with the Housing Authority of the City of Austin (HACA), The NRP Group celebrated the grand opening of The Markson, a 330-unit mixed-income housing development in Austin's coveted Barton Springs community. As a part of both...

at 11:05
We are pleased to announce the initial details of the "SusHi Tech Tokyo 2024" Showcase Program, which will take place in the Tokyo Bay area in April and May. The program will focus on providing visitors with experiences centered around "Sight,"...

at 11:05
In a survey conducted by Yokohama Convention & Visitors Bureau (hereinafter YCVB), many convention attendees expressed particular interest in Yokohama's culture, sightseeing spots, and local cuisine. In response, YCVB has developed eight new Yokohama...



News published on and distributed by: