Mitsubishi Materials, Partner Set Up Geothermal Power VentureBy
Mitsubishi Materials Corp. and Mitsubishi Gas Chemical Co. set up a venture with plans to develop a geothermal power project in Japan’s northern prefecture of Iwate.
The venture will conduct an environmental impact assessment after earlier tests confirmed an area in Hachimantai City has 15 megawatts of geothermal capacity, the companies said in a statement Thursday.
The partners are aiming for the plant to start running in 2022, Hiroshi Shimizu, a spokesman for Mitsubishi Materials, said by phone.
Mitsubishi Materials has a 60 percent stake in the venture, while Mitsubishi Gas Chemical holds the remainder.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Electric Buses Are Hurting the Oil Industry
- Why High-Flying U.S. Home Prices Seen Getting Another Jolt
- Stocks Push Higher; Dollar Reaches 3-Month Peak: Markets Wrap
- Ford Plans $11.5 Billion in Extra Cuts, Kills Most U.S. Cars
- American Cities Are Fighting Big Business Over Wireless Internet, and They’re Losing