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Mitsubishi Electric and Mitsubishi Heavy Industries Reach a Basic Agreement to Start Detailed Studies for Business Integration for Power Generator Systems

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Press release content from Business Wire. The AP news staff was not involved in its creation.
December 26, 2022 GMT

TOKYO--(BUSINESS WIRE)--Dec 26, 2022--

Mitsubishi Electric Corporation (TOKYO: 6503, “Mitsubishi Electric”) and Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011, “Mitsubishi Heavy Industries”) announced today that the two companies have reached a basic agreement to establish a joint venture to integrate their businesses in fields focused on power generator systems.

It is expected that Mitsubishi Electric will be the majority shareholder and Mitsubishi Heavy Industries will be the minority shareholder of the new company.

Climate change caused by global warming has emerged as a common issue worldwide, and efforts to achieve carbon-neutrality, which would reduce greenhouse gas emissions to net zero, are accelerating around the world.

Electricity demand is expected to increase due to economic growth mainly in emerging countries and awareness of energy security, and energy transitions has increased. In the future, existing thermal power generation will decarbonize its systems with fuel conversion to hydrogen, ammonia, and other carbon-free fuels.

Large-scale power plants that have supported the power infrastructure so far will play an important role as a force to adjust for the increase in variable renewable energy sources, whose power generation is affected by weather and other factors.

Considering this market environment, Mitsubishi Electric and Mitsubishi Heavy Industries have reached this basic agreement to strengthen their market competitiveness further by integrating their respective businesses and combining their respective technologies and assets. This business integration will create a stronger partnership than ever before and expand the two companies’ power generator systems on a global scale, thereby contributing to the realization of a carbon-neutral society.

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Mitsubishi Heavy Industries, Ltd.

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SOURCE: Mitsubishi Electric Corporation

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PUB: 12/26/2022 02:10 AM/DISC: 12/26/2022 02:09 AM