Subscribe free to our newsletters via your
. Energy News .




ENERGY NEWS
Japan's Hitachi, Mitsubishi Heavy to merge power units
by Staff Writers
Tokyo (AFP) Nov 29, 2012


Japanese industrial firms Hitachi and Mitsubishi Heavy Industries said Thursday they would merge their thermal power businesses by 2014 as they take on global giants Siemens and General Electric.

The pair said they would set up a joint venture company that was 65 percent owned by Mitsubishi with the remaining 35 percent held by Hitachi, creating a combined firm with about 1.1 trillion yen ($13 billion) in annual sales.

The merger would see the firms work together on a range of products including gas turbines for thermal power generation, environmental equipment and fuel cells.

The global market has continued to expand, driven by the growth engines of China and other emerging countries, the companies said.

"The combination of Hitachi and Mitsubishi Heavy's thermal power businesses... is the best mix in Japan in terms of technology and human resources to offer total solutions to clients," Hitachi President Hiroaki Nakanishi told a press briefing in Tokyo.

"In the global market, our rivals are not in Japan but major foreign players," he said.

Hideaki Omiya, Mitsubishi Heavy's president, said demand for thermal-power generation was set to rise.

"This is an area in which many countries are pouring a lot of resources," he said.

The executives -- who dismissed speculation that the firms would eventually merge all their operations -- said the rise of engineering firms in China, India and other emerging countries is set to intensify global competition in the energy sector.

"Heightened environmental awareness around the world has presented a major opportunity for (Mitsubishi) and Hitachi to expand businesses where they both excel -- businesses that solve global energy and environmental issues at the same time," the firms said in a statement.

Mitsubishi Heavy produces a range of power plants, including thermal, wind and geothermal facilities. Its gas turbines for thermal plants rank among the most energy-efficient in the world.

Demand for natural gas-fired thermal plants has been surging in the wake of Japan's atomic crisis at the Fukushima Daiichi plant where reactors went into meltdown last year after being swamped by a quake-sparked tsunami.

Hitachi is a major player in steam turbines for coal-fired thermal plants, many of which are now planned for construction or are being built in emerging nations.

Last month, Hitachi announced it would buy British atomic power venture Horizon for about $1.12 billion to expand its nuclear business overseas, as Japanese remain wary about atomic power after the Fukushima disaster.

-- Dow Jones Newswires contributed to this report --

.


Related Links







Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








ENERGY NEWS
A low-carbon Finland is a great challenge, but an achievable one
Helsinki, Finland (SPX) Nov 26, 2012
VTT specialists have assessed Finland's chances of achieving the 80% greenhouse gas emission reduction targets. The EU's goal for 2050 is to reduce emissions by at least 80% from the level of 1990. The goal is a tough one for Finland, but possible to achieve as long as all sectors that produce or consume energy take part. On top of this, all greenhouse gas emissions must be reduced. Finlan ... read more


ENERGY NEWS
Japan's Hitachi, Mitsubishi Heavy to merge power units

A low-carbon Finland is a great challenge, but an achievable one

Official "Green Tuesday" Launch November 27, 2012

Poland to invest 24 billion euros in energy by 2020

ENERGY NEWS
Canada seeks access to new oil markets

Report warns against increased LNG exports

Britain denies report of big shale plans

Oil prices mixed after US, China data

ENERGY NEWS
US Navy, DoD, Developer Announce Wind Farm Agreement

Britain: Higher energy bills 'reasonable'

Areva commits to Scotland turbine plant

AREVA deploys its industrial plan to produce a 100 percent French wind power technology

ENERGY NEWS
The Installed Price of PV Systems in the U.S. Continues to Decline at a Rapid Pace

Upsolar Modules Earn High Marks for Long-Term Performance

Aerospace Museum of California solar installation

Emerging Markets Predicted to Bring Stability to Solar Industry

ENERGY NEWS
AREVA to continue International OECD Research Program for nuclear plant safety

Japan anti-nuclear groups join forces ahead of poll

France begins 'energy transition' debate

Japan's ruling party promises to phase out nuclear power

ENERGY NEWS
Tiny algae shed light on photosynthesis as a dynamic property

Algae held captive and genes stolen in crime of evolution

Marine algae seen as biofuel resource

Engineering plants for biofuels

ENERGY NEWS
Mr Xi in Space

China plans manned space launch in 2013: state media

China to launch manned spacecraft

Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

ENERGY NEWS
Climate talks deadlocked as countdown starts for final week

Study: Nearly too late to cap warming

Scientists develop new approach to support future climate projections

Europe defends emissions record at climate talks




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement