Wednesday, February 1, 2023
- Advertisment -
HomeNewsBusinessBasic Agreement Reached Between Mitsubishi Electric and Mitsubishi Heavy Industries to Begin...

Basic Agreement Reached Between Mitsubishi Electric and Mitsubishi Heavy Industries to Begin Detailed Studies for Business Integration for Power Generator Systems

Mitsubishi Heavy Industries, Ltd. (TOKYO: 7011, “Mitsubishi Heavy Industries”) and Mitsubishi Electric Corporation (TOKYO: 6503, “Mitsubishi Electric”) announced today that they have agreed in principle to form a joint venture to combine their activities in the area of power generation systems.

Global efforts are accelerating to attain carbon neutrality, which would result in a net reduction of greenhouse gas emissions, since climate change brought on by global warming has become a mainstream concern.

The new business is anticipated to have Mitsubishi Electric as the primary stakeholder and Mitsubishi Heavy Industries as the minority shareholder.

Due to economic growth, particularly in emerging nations, and growing awareness of energy security and energy transitions, it is anticipated that demand for electricity would rise. Future thermal power generation will convert to fuels like hydrogen, ammonia, and other carbon-free fuels to decarbonize its systems.

Mitsubishi Electric and Mitsubishi Heavy Industries have come to this basic understanding in light of the current market situation in order to increase their market competitiveness through the integration of their respective companies and the blending of their respective technologies and assets. Through the expansion of the two firms’ power generation systems globally and the strengthening of their collaboration, this commercial combination will help society become carbon-neutral.

The large-scale power plants that have up to now maintained the electrical infrastructure will be crucial in adjusting for the rise of variable renewable energy sources, whose power generation is influenced by the weather and other variables.

News Summary:

  • Basic Agreement Reached Between Mitsubishi Electric and Mitsubishi Heavy Industries to Begin Detailed Studies for Business Integration for Power Generator Systems
  • Check all news and articles from the latest Business news updates.
RELATED ARTICLES

Latest

- Advertisment -