On December 13, 2016, Mitsui & Co. acquired 185 common shares in Global Engineering Co., Ltd. (representing approximately 4.7% of voting rights) directly from the company and concluded a business partnership agreement for the joint development of next generation energy management services.
Mitsui and Global Engineering have worked together on several projects, including the Virtual Power Plant*¹ business creation project, a pilot project aiming to make the integration of renewable energy and the balancing of electric supply and demand more efficient through the use of demand response*² and energy storage. The pilot is sponsored by the Institute of Applied Energy, a foundation chosen by the Ministry of Economy, Trade, and Industry.
Through this acquisition and partnership agreement, Mitsui and Global Engineering will combine our respective expertise to develop a virtual power plant and next generation energy management business, and will aim to together develop a business that supports local municipalities in Japan looking to revitalize their regions through locally produced energy.
*¹ The virtual power plant is a business model to control multiple generation assets, demand response, etc., based on the supply-demand of the electricity grid, thereby serving as if it is a single power plant, aiming to develop a more efficient and cleaner electricity grid.
*² Demand response relates to adjusting the amount and/or timing of power demand based on the utilities' incentive programs, tariff rate structures, etc.
|Name||Global Engineering Co., Ltd.|
|Representative||CEO Akira Oshita|
|Location||Nishiko Living Kashii 2F, Kashii 1-1-1, Higashi-ku, Fukuoka-shi, Fukuoka Prefecture|
|Established||October 18, 1991|
|Business Activities||Demand response business, sale of generators for business use, equipment installation and maintenance, power retail for commercial and industrial customers, other|