Mitsubishi Electric Ups Presence in China's Energy-System Market New firm expected to grow energy-system revenue in China to 30B Yen Business Wire TOKYO -- October 16, 2013 Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has established Mitsubishi Electric Power & Electrical Infrastructure Systems (Beijing) Co., Ltd. (MEPIC) in Beijing, China to provide energy-system sales, engineering and related services. The company, which will start operating in December, plans to open branches in Shanghai and Guangzhou. MEPIC, an offshoot of the energy system division of Mitsubishi Electric & Electronics (Shanghai) Co., Ltd., will operate under Mitsubishi Electric (China) Co., Ltd., Mitsubishi Electric’s regional corporate office and investment company in China. It is expected to upgrade Mitsubishi Electric’s energy-system business in China with stronger customer sales, increased cooperation with Chinese partners, including exports, expanded repair and maintenance services, and entry into new businesses, such as smart grids. Energy-system revenue is envisioned to rise from 20 billion Yen in 2013 to 30 billion Yen in 2017. China is forecast to surpass North America with the world’s largest power generation capacity by 2020. Demand for power-generation facilities is expected to remain strong, given that it is a top priority both in the current and subsequent five-year plans. New Energy System Company Company Name Mitsubishi Electric Power & Electrical Infrastructure Systems (Beijing) Co., Ltd. (MEPIC) CEO Jun Hasegawa Location Beijing, China Ownership Mitsubishi Electric (China) Co., Ltd.: 100% Capital 3 million USD Established September 18, 2013 Employees 50 *Energy-system facilities for power generation, energy transmission and distribution, and energy receiving and Business distribution *Instruments and controls system *Sales and engineering services for smart grids and other businesses About Mitsubishi Electric Corporation With over 90 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO:6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Embracing the spirit of its corporate statement, Changes for the Better, and its environmental statement, Eco Changes, Mitsubishi Electric endeavors to be a global, leading green company, enriching society with technology. The company recorded consolidated group sales of 3,567.1 billion yen (US$ 37.9 billion*) in the fiscal year ended March 31, 2013. For more information visit http://www.MitsubishiElectric.com *At an exchange rate of 94 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2013 Contact: Mitsubishi Electric Corporation Customer Inquiries Overseas Marketing Division Energy & Industrial Systems Group https://www.MitsubishiElectric.com/ssl/contact/bu/powersystems/form.html http://www.MitsubishiElectric.com/bu/powersystems/ or Media Inquiries Katsunobu Muroi, +81-3-3218-2346 Public Relations Division prd.gnews@nk.MitsubishiElectric.co.jp http://www.MitsubishiElectric.com/news/
Mitsubishi Electric Ups Presence in China's Energy-System Market
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