MHI to apply Groupwide strengths to promotion of Energy Transition
Mitsubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Heavy Industries Engineering, Ltd. (MHIENG) have agreed to integrate the business operations of MHIENG with those of MHI effective April 1, 2023. Under an absorption-type split arrangement, operations currently conducted by MHIENG will be taken over by MHI and placed under the direct management of MHI’s president and CEO. The integration of MHIENG into MHI will further accelerate the “Energy Transition” that serves as one of MHI Group’s central growth engines.
In its 2021 Medium-Term Business Plan released in October 2020, MHI Group announced plans to substantially increase its corporate value by 2030 with “Energy Transition” and “Smart Infrastructure (New Mobility & Logistics)” serving as the Company’s two growth engines. In striving to strengthen its Energy Transition business, development of a CO2 solutions ecosystem is a component of major importance. Today, carbon capture, utilization and storage (CCUS) is garnering attention as an effective means for realizing a carbon neutral society. Also, ammonia is recognized to be effective both as a fuel for ships and thermal power plants, where its usage results in reduced carbon emissions, and as a means for transporting hydrogen, and the market for ammonia is expected to grow sharply in the coming years. In response, MHI is now pursuing a broad array of initiatives for establishing markets for carbon-free hydrogen and ammonia, including development of a hydrogen ecosystem and partnering with external incubation investments. The Company is also fortifying its capabilities in integrating multiple product areas.
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