Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and Chief Executive Officer: Tatsuo Yasunaga) and Preferred Networks, Inc. ("PFN", Head Office: Tokyo, Chief Executive Officer: Toru Nishikawa) have established a new joint venture in Japan to develop and commercialize AI solutions for sub-surface structure analysis based on deep learning technology.
In recent years, deep learning technology has contributed to significant innovation across a variety of industries. The new joint venture will aim to accelerate the development of AI solutions for exploration of underground resources such as oil and gas, and also plans to use its solutions for the development of low-carbon solutions such as CCS (Carbon Capture and Storage), as well as areas in the renewable energy sector.
Mitsui will continue to evolve its business model while meeting the changing needs of the times, contributing to a sustainable society through its main business activities. Mitsui has identified new business creation with digital technologies as a key growth area where it can leverage its Group's comprehensive strength. Through its business alliance with PFN, Mitsui will work to create high-value-added business models that combine its Group's wide-ranging platform of business assets with PFN's proprietary technology.
Outline of the new joint venture
|Company name||Mit-PFN Energy Co., Ltd.|
|Location||1-2-1 Otemachi, Chiyoda-ku, Tokyo|
|Date of establishment||August 2020|
|Ownership||Mitsui (51%), PFN (49%)|
|Business outline||Development and operation of AI systems for sub-surface structure analysis|
Mitsui & Co.’s Materiality
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui & Co.’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Secure sustainable supply of essential products” and “Enhance quality of life” and “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity