Mitsubishi Corporation: New Company for Green Hydrogen Business "Eneco Diamond Hydrogen" Established in Europe

TOKYO, June 22, 2023 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce the establishment of Eneco Diamond Hydrogen B.V. (Eneco Diamond Hydrogen) to develop green hydrogen and associated renewable energy in Europe. Eneco Diamond Hydrogen, which was officially registered on June 6, 2023, is a joint venture between MC and its subsidiary N.V. Eneco (Eneco), an integrated energy company that is also headquartered in Rotterdam.

With global efforts to decarbonize gaining momentum, more and more countries are looking to make renewable energy a larger part of their energy mix. As it can be stored, piped, and otherwise shipped, there are growing expectations surrounding the use of hydrogen as both a fuel alternative and a flexible capacity for power grid. EU has been accelerating the introduction of hydrogen by, for example, setting annual targets of 10 million tons for both its own production and its imports of green hydrogen by 2030.

Eneco Diamond Hydrogen develops green hydrogen and associated renewable energy businesses, pivoting from the Netherlands, by taking full advantage of its parents' respective strengths. These include Eneco's lengthy track record and experience in renewable energy business, and MC's vast network, which spans a wealth of operations in oil refining, chemicals, steel, marine transport and other industries.

MC has made energy transformations central to its latest midterm corporate strategy, one of the objectives of which is to provide zero-carbon solutions that will help the world's energy sector to decarbonize. Through this establishment of Eneco Diamond Hydrogen, we have taken another step towards achieving that objective by committing to the green hydrogen businesses in Europe.

Interest in hydrogen is also growing outside Europe, with Japan, the US and other western and Asian nations all looking for ways to both produce and use it more widely. At MC, we are looking forward to applying our know-how gained through Eneco Diamond Hydrogen towards the development of hydrogen operations in other regions throughout the world. We hope to make meaningful, global contributions to decarbonization.

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