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TOKYO, May 17, 2023 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has acquired a stake in Kyoto Fusioneering Ltd. (KF) through a third-party allotment of the latter's shares.
KF is a plant engineering company focused on fusion energy(1) technologies. Its establishment in 2019 was based on decades of fusion research and development by Kyoto University. KF specializes in key components and integrated systems that are required in order to build fusion reactors and fusion power plants. KF's strategic aim is to build a fusion energy supply chain by leveraging Japan's leading manufacturing capabilities. Furthermore, KF serves a wide range of fusion research institutions and startups around the world as clients. These advantages led to MC's decision to invest into KF.
Fusion energy can generate electricity without producing any CO2 emissions. Its primary fuel, namely hydrogen, is widely available in seawater, meaning that it could potentially represent an inexhaustible source of energy. There continues to be considerable global interest in fusion as a next generation of clean energy, one that could both help decarbonize our plant and secure stable supplies of energy. During its Integrated Innovation Strategy Promotion Council meeting on April 14, 2023, the Japanese government set out its "Fusion Energy Innovation Strategy," which outlines the country's vision to establish fusion energy as a new industry. The strategy also clarifies that cooperation among industry, academia and government must be accelerated in order to realize this vision. MC believes that the Kyoto University-born startup KF will lead such collaborations and help make this vision a reality.
In the Midterm Corporate Strategy 2024 announced in May 2022, MC has set "Creating a New Future through Fostering New Industries/Regional Revitalization" as a pillar of its growth strategy. Accordingly, MC has been stepping up efforts to partner with industry and academia to help address various societal issues through its business activities. The increased number of start-ups using the research results of universities and other institutions will not only solve social issues but also improve Japan's technological capabilities and industrial competitiveness. MC is taking steps to boost such entrepreneurial activity, as evidenced by its announcement on April 13, 2023 that it would be supporting the establishment of the "Kyoto University-Mitsubishi Corporation Startup Catapult," a program designed to promote the development and commercialization of the technological capabilities and research findings of Kyoto University.
Through this investment, MC is further demonstrating its commitment to stimulate greater cooperation among industry, academia and government. Moreover, MC plans to take full advantage of its own networks and industry connections to help create a new and carbon-neutral fusion energy industry. We remain dedicated to decarbonizing our planet and securing stable supplies of energy both here in Japan and around the world.
(1) Fusion energy is energy produced when two light nuclei (deuterium, tritium) collide to form a single heavier nucleus (helium), the same kind of energy that illuminates the Sun and stars. Fusion energy has the following advantages: 1) Carbon neutrality(Carbon dioxide is not emitted during the process of power generation); 2) Abundant fuel (On top of the fact that the fuel exists abundantly in seawater and can be generated nearly inexhaustibly, a huge amount of energy can be produced from a small amount of fuel); 3) Inherently safe (The fusion reaction stops when the fuel supply or the power supply is cut off); 4) Low environmental impact (Only low level radioactive waste is generated and it can be processed with existing technology). As such, fusion energy is expected to be the next generation of energy source that can solve both energy supply and global environmental issues.
(Based on the provisional translation of "Fusion Energy Innovation Strategy" adopted by Japan's Integrated Innovation Strategy Promotion Council on April 14, 2023)
About Kyoto Fusioneering
Established in 2019, Kyoto Fusioneering is a privately-funded technology startup with facilities in Tokyo, Kyoto, Reading (UK), and Seattle (USA). The company specializes in developing state-of-the-art technologies for commercial fusion reactors, including gyrotron systems, tritium fuel cycle technologies, and breeding blankets for tritium production and power generation. Kyoto Fusioneering collaborates with public and private fusion developers globally, striving to establish fusion as the ultimate energy source for humanity. https://kyotofusioneering.com/en/
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries worldwide, as well as with its global network of group companies. MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Chemicals Solution, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups plus the addition of its Industry Digital Transformation Group and Next-Generation Energy Business Group, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society. www.mitsubishicorp.com/jp/en/
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Energy, Alternatives, Alternative Energy
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