TOKYO, Mar 30, 2020 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that on March 30, 2020, it entered into an MoU with its affiliate Chiyoda Corporation (Chiyoda) and five local companies on the joint development of a sustainable hydrogen economy in Singapore. The five local partners are City Gas Pte Ltd, Jurong Port Pte Ltd, PSA Corporation Limited, Sembcorp Industries Ltd, and Singapore LNG Corporation Pte Ltd.
|Chiyoda's SPERA Hydrogen|
Singapore's Long-Term Low-Emissions Development Strategy (LEDS) aspires to halve emissions from the country's expected 2030 peak to 33 Million tons of carbon dioxide equivalent by 2050, with a view to achieving net-zero emissions as soon as possible in the second half of the century. One of the keys to realizing the LEDS will be drawing on emerging low-carbon technologies, such as low-carbon hydrogen. This also marks a key switch in Singapore's energy strategy towards a clean, affordable and more reliable energy future.
Chiyoda's SPERA Hydrogen(1) technology could play an important role, and interested parties have been discussing opportunities for its commercial and technical application since October 2019.
MC will support this initiative as the main shareholder of Chiyoda. The five local companies will collaborate closely with MC and Chiyoda to evaluate the technical and commercial feasibility of hydrogen, and to develop businesses for its import and use in Singapore.
Since May 2019, MC has been providing steady assistance for Chiyoda's revitalization, and this project should play an important role in the latter's growth strategy. MC's aims are to support Chiyoda's hydrogen operations, which are a promising candidate for non-EPC business, and leverage them to help preserve the natural environment and develop sustainable societies.
(1) SPERA Hydrogen is an organic chemical hydride (OCH) hydrogen storage and transportation technology. LOHC (liquid organic hydrogen carrier) technologies allow hydrogen to be safely transported in chemical tankers at normal atmospheric temperature and pressure.
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Mar 30, 2020 15:28 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
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