Mitsubishi Electric, MHI to Set up JV for Biz Integration for Power Generator Systems
Japan’s Mitsubishi Electric Corporation and Mitsubishi Heavy Industries, Ltd (MHI) have reached a basic agreement to set up a joint venture (JV) for integrating their businesses for power generator systems.
December 26, 2022. By Manu Tayal
In the newly formed JV, it is expected that Mitsubishi Electric will hold a majority stake, while MHI will be having a minority stake.
It is expected that the electricity demand is likely to increase due to economic growth mainly in emerging countries along with the awareness of energy security, and energy transitions.
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, the two companies have reached an agreement to strengthen their market competitiveness further by integrating their respective businesses and combining their respective technologies and assets.
Meanwhile, the two companies are expecting that this business integration will create a stronger partnership than ever before and expand their power generator systems on a global scale, thereby contributing to the realization of a carbon-neutral society.
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