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
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Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has received an order from Japan Engine Corporation (J-ENG) for an ammonia fuel supply system (AFSS) and ammonia gas abatement system (AGAS).
The AFSS will supply ammonia fuel to ammonia-powered marine engines developed by J-ENG, and the AGAS will safely treat any surplus ammonia. The newly ordered AFSS and AGAS are remotely controlled automatically by an integrated control system. Mitsubishi Shipbuilding will deliver the modules to J-ENG in 2025.
Conversion from fossil fuels to environmentally sustainable fuels is indispensable for achieving net zero greenhouse gas (GHG) emissions by the global maritime industry by or around 2050, the goal set by the International Maritime Organization (IMO). Because ammonia emits no CO2 when combusted, adoption of ammonia fuel is expected to contribute to the development of decarbonized infrastructure in the maritime industry.
Going forward, Mitsubishi Shipbuilding, aligning with MHI Group’s strategy of advancement of the energy transition, will bring together its technologies and expertise in ammonia handling accumulated through its history of building transport carriers, and as a shipboard ammonia handling systems manufacturer the company will supply products of maximum safety and reliability. Additionally, as a maritime system integrator, through provision of shipbuilding engineering services for ammonia-fueled vessels, plus construction support and other services meeting customer needs, Mitsubishi Shipbuilding will continue contributing to the further development of marine logistics and to reducing the maritime industry’s environmental impact on a global scale.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Topic: Press release summary
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.
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.
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Mitsubishi Logisnext Co., Ltd., a part of MHI Group, has completed a demonstration of loading trucks utilizing automated guided forklifts (AGFs). The demonstration was conducted jointly with logistics services provider Konoike Transport Co., Ltd., which this month began utilizing the system for actual business operations in Japan.
Unlike cargo handling with fixed equipment such as the shelves and conveyers inside logistics centers, loading work for trucks requires adjustments to be made to loading positions according to the type of truck and its parked location. In addition, because of the need to minimize the turnaround time for trucks, loading work is currently conducted mainly with manned forklifts.
Through this demonstration, Mitsubishi Logisnext has developed new technologies related to control and sensing to address such issues, and has built an automated system that uses two AGFs to load any truck parked in a designated space. With this system the AGFs make their own determinations for optimal operations according to the varying loading position, allowing trucks to be loaded with a comparable accuracy and pace as manually operated forklifts. Under the loading conditions in the demonstration, a large truck can be loaded in less than 15 minutes. Mitsubishi Logisnext will continue to make improvements and add functions based on the knowledge gained from actual operation at Konoike Transport, and enhance the system’s capabilities.
Going forward, Mitsubishi Logisnext will continue to develop products that leverage technological expertise and provide solutions to address issues facing the logistics industry, most notably the regulatory changes that will limit truck drivers’ overtime from April 2024.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Topic: Press release summary
Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) announced that cumulative production of the Mitsubishi Motors eK X EV and Nissan Sakura electric minivehicles reached a record 100,000 units just after one year and 10 months since manufacturing began.
The eK X EV and Nissan Sakura began production in May 2022 at Mitsubishi Motors’ Mizushima Plant and reached a cumulative production volume of 50,000 units in its first year, and today has achieved 100,000 units in less than two years.
The eK X EV and Nissan Sakura were born from the expertise of Mitsubishi Motors and Nissan, both pioneers in the EV field, and the vehicles have been recognized by numerous automotive industry awards as an ideal form of mobility in accelerating Japan toward decarbonization.
A model symbolic of the successful partnership with Nissan, Mitsubishi Motors is committed to further improving the production quality of the eK X EV and Nissan Sakura in an effort to allow more customers to experience the vehicles.
About Mitsubishi Motors
Mitsubishi Motors Corporation (TSE:7211) —a member of the Alliance with Renault and Nissan—, is a global automobile company based in Tokyo, Japan, which has about 30,000 employees and a global footprint with production facilities around the world. 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. For more information on Mitsubishi Motors, please visit the company’s website at https://www.mitsubishi-motors.com/en/
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