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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) executed, on September 29, 2017, a capital investment to acquire shares in Koyo Electric Corporation. ("Koyo Electric", Head Office: Kobe City, President: Masahiro Inui). As a result of the transaction, Mitsui & Co.'s equity stake is approximately 20.5%. In addition, Mitsui, Mitsui & Co. Foresight Ltd. ("Mitsui & Co. Foresight"; Head Office: Tokyo; President: Toshiya Matsuda; a wholly owned Mitsui subsidiary), and Koyo Electric signed a three-party business alliance agreement.
Koyo Electric has a corporate philosophy of passing on a better global environment for the children of the future. It leverages its engineering capabilities to develop and build electric power generation systems, especially for solar power, biomass and other renewable energy resources. In addition to that, it conducts retail sales of electricity and provides energy conservation solutions. The company continues to achieve growth through business development with an emphasis on contribution to local communities, and business operations driven by its vision for energy resources in local communities, including a business model based on the local production of electric power for local consumption.
Mitsui recognizes that the downstream areas of the electric power and energy sector in Japan are now in a period of structural reform. In addition to its initiatives in existing business areas, Mitsui aims to meet the needs of users of electric power and other energy resources in the service sector by developing a comprehensive facility service business. As for Mitsui & Co. Foresight, facility maintenance and management is its core business. In recent years, it has also been focusing on energy management business, including the operation, maintenance, and management of solar and biomass power generation plants.
Through this capital participation and business alliance, Mitsui and Koyo Electric will build a functionally complementary relationship as strategic partners, with the aim of providing value to the distributed energy resources society, and achieving dramatic business growth.
|Name||Koyo Electric Corporation|
|Representative||Masahiro Inui, Representative Director and President|
|Address||Kobe City, Hyogo Prefecture, Japan|
|Business activities||Development and construction of electric power generation facilities, including solar and biomass systems
Electric power trading, supply-demand management
Energy conservation support services
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.