Mitsubishi Corporation (hereinafter “MC”) is pleased to announce its effort to advance Direct Air Capture (DAC) technologies, through participation in a project in Louisiana, USA.
Through the project, MC collaborates with multiple third-party DAC technology companies in order to identify innovative technologies anticipated to substantially lower costs, advancing the technology maturation through detailed evaluation and engineering works with the goal of facilitating the early commercialization of DAC.
This project will be in collaboration with Shell US Gas & Power (hereinafter “Shell”), who is leading the overall engineering and deployment as part of the project. The project scope centers on a feasibility study that includes evaluating the performance of multiple DAC technologies by demonstrations, supporting DAC technology companies as they design deployments, investing in prioritized distinct DAC technologies, and identifying opportunities to reduce the energy, water, and land resources required for carbon removal, as well as defining the technology needs for future deployment at scale.
MC is committed to contributing to the achievement of a carbon-neutral society. This includes plans to utilize captured CO2 as feedstock for producing synthetic fuels such as e-natural gas and Sustainable Aviation Fuel (SAF) on a long-term basis, while also aiming for the global expansion of the DAC business.
In October 2021, MC unveiled its roadmap to carbon neutrality and its aim to be a net-zero greenhouse-gas emissions company by the year 2050, while striving for a stable energy supply and low-carbon transition. In order to mitigate global warming and achieve net-zero, not only reducing GHG emissions but also removing residual GHG from the atmosphere, namely Carbon Dioxide Removal (CDR) including DAC, is crucial. Hence, there is growing anticipation for the early adoption of DAC technology in society, driven by its potential for innovation and the opportunities to reduce costs through scaling up.
About Mitsubishi CorporationYear of Establishment: 1954 Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Japan Representative: Katsuya Nakanishi, President and Chief Executive Officer Main Operations: MC operates a wide range of businesses spanning multiple industries and overseen by eight industry-specific business groups: Environmental Energy, Materials Solution, Mineral Resources, Urban Development & Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.
Mitsubishi Corporation (MC) is pleased to announce that Nexamp, Inc. (Nexamp) has completed a capital raise of $520 million. Nexamp(1) is the largest community solar(2) developer and owner in the US, who has been majority owned by MC. This capital raise has been underwritten by lead investor Manulife Investment Management and Nexamp’s existing shareholders including Generate Capital.
MC first acquired an interest in Nexamp in 2016(3). In 2018, Nexamp became MC’s subsidiary, and we have committed both growth capital and human resources to enhance its project development and risk management functions. Additional efforts to strengthen Nexamp’s governance in keeping with its corporate growth have helped build a stable business foundation, and DGC has also extended its full support to Nexamp leveraging investment and financing capabilities to expand the development of distributed solar and storage assets.
At the time of MC’s initial investment in 2016, the combined power generating capacity of Nexamp’s assets under management was approximately 40MW. In comparison, Nexamp currently maintains a portfolio of over 1.5GW of generating and in-construction capacity capable of powering more than 300,000 households which shows its exponential growth.
MC will continue to support and promote Nexamp’s growth in the US renewable energy market, which is expected to enjoy significant growth in the coming years. In addition to helping Nexamp secure more growth capital and diversify its shareholder base by enticing new investors, MC will coordinate the varied expertise introduced by those new shareholders to further enhance Nexamp’s corporate value.
(1) Nexamp Majority owned by MC through its wholly owned subsidiary Diamond Generating Corporation (DGC). Nexamp has end-to-end capabilities in community solar including project development and acquisition, design, construction, operations and asset management. The company’s strength is its comprehensive business model, which augments its development expertise with industry leading solutions in customer acquisition and management. Digital marketing have helped Nexamp take the initiative in securing community solar customers. (2) Community solar Many US states are promoting community solar projects through distributed solar and storage facilities. Through these projects, households and businesses that want to use solar power but are unable to set up their own facilities due to costs, building-code regulations and other restrictions are able to take advantage of a subscription service to use the power generated by solar power providers’ locally established solar farms. In doing so, they also receive credit on their electricity bills for their share of the power produced. (3( Please see the following press release of August 10, 2016: https://www.mitsubishicorp.com/jp/en/pr/archive/2016/html/0000030851.html
Mitsubishi Corporation (MC) is pleased to announce the successful completion of the sale of the Blackwater and Daunia coal mines to Australia’s Whitehaven Coal Ltd. (Whitehaven). This divestment, initially released by MC on October 18, 2023, has now reached fruition. MC’s 50% stake in each of these mining assets was acquired through its wholly owned subsidiary, Mitsubishi Development Pty Ltd. (MDP). MDP shares equal ownership of the BHP Mitsubishi Alliance (BMA) with the resource major BHP. Following the completion of all required legal proceedings and sale conditions, the divestment of both mines by BMA to Whitehaven was officially concluded today.
Map of Blackwater and Daunia Mines
MC consistently evaluates its mineral resources portfolio to enhance its quality and resilience against potential downturns. The strategic choice to divest from these two mines was guided by this overarching objective, marking the culmination of MC’s efforts to consolidate its holdings in high-grade metallurgical coal assets. Ensuring stability in the supply of this crucial commodity remains a top priority for MC, underscoring its ongoing commitment to maintaining BMA as a cornerstone of its mineral resources portfolio.
BMA’s high-grade metallurgical coal, when used in blast furnaces, yields lower greenhouse gas emissions compared to conventional metallurgical coal. This underscores its potential to play a pivotal role in decarbonizing the steelmaking industry. While ensuring a steady supply of high-grade metallurgical coal and iron ore remains critical for MC’s mission to support society in achieving carbon neutrality, net proceeds can be strategically allocated towards expanding its supply capabilities in other critical minerals essential for electrification. These may include copper, aluminum/bauxite, lithium, and nickel. Additionally, MC intends to invest in secondary resources to propel the circular economy forward, thereby amplifying support for EX (Energy Transformation) initiatives.
Further details regarding the sale of these two coal mines will be incorporated into MC’s forecast for its fiscal year 2024 consolidated financial results, which will be announced in the near future.
Mitsubishi Corporation has entered into an MOU with other large international companies to sponsor the creation of a global coalition, the e-NG Coalition, which is exclusively dedicated to electric natural gas (e-NG or e-natural gas), also referred to as e-methane. The founding members of the e-NG Coalition include: •Engie•Mitsubishi Corporation•Osaka Gas•Sempra Infrastructure•TES•Tokyo Gas•Toho Gas•TotalEnergies. e-NG is a synthetic gas produced by the combination of renewable hydrogen and recycled CO2 through methanation. With a molecular composition identical to conventional natural gas, it can be transported and stored utilizing existing infrastructures. e-NG is considered as a sustainable “drop-in” solution for gas consumers as it does not require the modification of industrial processes and applications to be used in place of conventional natural gas.
The founding members of the coalition believe e-NG can provide a meaningful contribution to the energy transition by accelerating the development of renewable hydrogen. With large industrial capabilities and investment potential, the founding members are committed to the development of e-NG projects globally.
The e-NG Coalition will be a global platform to raise awareness on e-NG, promote global tradability and use of e-NG, foster policy support and harmonization of applicable regulation and standards, and bolster collaboration across geographies and stakeholders along the e-NG value chain. Its purpose is to accelerate the development of e-NG in a reliable, affordable and sustainable way.
About the e-NG Coalition:The e-NG Coalition is a collaborative alliance of pioneering companies that believe e-NG has a role to play to accelerate the energy transition towards a net-zero carbon future. The Coalition seeks to promote e-NG, build a global market with aligned emissions accounting and certification standards, and bolster cooperation between all stakeholders along the e-NG value chain.
About Mitsubishi Corporation:Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses through its global network. MC has 10 Business Groups including Natural Gas, Mineral Resources, Power Solution and so on. Through the 10 Business Groups plus the addition of its Industry Digital Transformation Group and Next-Generation Energy Business Group, MC’s current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.
Mitsubishi Corporation, Mitsubishi Fuso Truck and Bus Corporation and Mitsubishi Motors Corporation aim to jointly establish a new company “EVNION Inc.” in June 2024 , to operate an online platform to provide one-stop services relating to electric vehicles (EV). Such establishment of EVNION will be subject to receipt of regulatory clearances from the relevant authorities.
The three companies decided to establish EVNION with the aim of easily providing relevant information and services to more users, as EVs gain increasing attention from vehicle buyers who are considering their contribution towards a decarbonized society. EVNION will operate a unique online platform “EVNION PLACE” (hereafter: “the platform”) that offers comprehensive EV-related services to customers in Japan, regardless of brand and whether it is a commercial vehicle or a passenger car. The platform is planned to be launched in August 2024. The platform’s “Marketplace” services range from charging equipment for EVs, power supply contracts and energy management, to charging solutions for supporting introduction and operation of EVs and consulting services for decarbonization. Additionally, the platform will also provide EV-related news and useful information when introducing and operating EVs. Customers transitioning from conventional vehicles to EVs face various changes and have many questions, and this platform, with its integration of all necessary information and services, will certainly assist them in their journey. After the launch, the platform will gradually expand the content to commit to Japan’s target to realize carbon neutrality by 2050, and DX (digital transformation). Image of EVNION’s services
[Name of EVNION]EVNION is a platform to unite every object, person and event surrounding EVs. With the keyword “to unite”, the name of the company was decided: EVNION: EV + Union
Profile of new company* Company name: EVNION Inc. Shareholders: MC (35%), MFTBC (35%) and Mitsubishi Motors (30%) *As of the announcement. Changes are possible.
About MC
Company name: Mitsubishi Corporation Head office: 3-1, Marunouchi 2-Chome, Chiyoda Ward, Tokyo Representative: Katsuya Nakanishi (President and CEO) Business details: MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Chemicals Solution, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups plus the addition of its Industry Digital Transformation Group and Next-Generation Energy Business Group, MC’s current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe.
About MFTBC
Company name: Mitsubishi Fuso Truck and Bus Corporation Head office: 10 Ohkura-cho, Nakahara Ward, Kawasaki City, Kanagawa Prefecture Representative: Karl Deppen (President and CEO) Business details: Based in Kawasaki, Japan, Mitsubishi Fuso Truck and Bus Corporation (MFTBC) is one of Asia’s leading commercial vehicle manufacturers, with 89.29% of its shares owned by Daimler Truck AG and 10.71% by various Mitsubishi group companies. An icon in the Japanese commercial vehicle industry with a longstanding history of over 90 years with its FUSO brand, MFTBC manufactures a range of commercial vehicles including light, medium, and heavy-duty trucks and buses, and industrial engines for approximately 170 markets worldwide. In 2017, MFTBC introduced the eCanter, the first all-electric light-duty truck in series-production and in 2019, the Super Great – Japan’s first heavy-duty truck fitted with Level 2 Automated Driving Support Technology, a benchmark in the Japanese commercial vehicle market. MFTBC operates under the umbrella of Daimler Truck Asia, together with its partner organization Daimler India Commercial Vehicles (DICV) in India. This strategic unit allows the entities to collaborate on areas such as product development, parts sourcing and production to provide the best value to customers.
About Mitsubishi Motors
Company name: Mitsubishi Motors Corporation Head office: 1-21, Shibaura 3-Chome, Minato Ward, Tokyo Representative: Takao Kato (President and CEO) Business details: Mitsubishi Motors Corporation is a global automobile company based in Tokyo, Japan, which has about 30,000 employees and a global footprint with production facilities in Japan and overseas. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation. Since the production of our first vehicle more than a century ago, Mitsubishi Motors has been a leader in electrification—launched the i-MiEV –the world’s first mass-produced electric vehicle in 2009, followed by the Outlander PHEV –the world’s first plug-in hybrid electric SUV in 2013.
