Iberdrola, Mitsubishi Power to Jointly Develop Renewable Energy Solutions to Decarbonize Industrial Production
Global energy and electricity provider Iberdrola and energy solutions company Mitsubishi Power announced a new collaboration agreement which will see the companies working together to jointly develop competitive, clean and safe energy solutions based on renewable energy that promote the decarbonization of industrial production in different regions around the world.
Bringing together the capabilities of Iberdrola, one of the world’s leading developers of renewable energy, and Mitsubishi Power, a leading supplier of power generation and storage equipment, the new collaboration will develop green hydrogen production facilities, battery storage systems and electrified heat production facilities with the aim of promoting carbon neutral industries in the short and medium term. The agreement will create teams made up of experts from both companies to identify opportunities for large-scale carbon-free renewable energy generation and storage projects for industry, one of the most difficult sectors to decarbonize.
Mitsubishi Power President and CEO Ken Kawai said:
“Iberdrola and Mitsubishi Power have been collaborating in supporting decarbonization in power generation sector by providing high efficiency GTCC projects. With using this collaborating experience in GTCC projects, we will jointly develop and deploy the necessary hydrogen infrastructure, battery energy storage systems, and electrified heat production systems to decarbonize the power and industrial sectors. This joint development with Iberdrola fulfills our mission to create a future that works for people and the planet by developing innovative power and storage solutions to realize a carbon neutral future.”
The announcement comes as Iberdrola embarks on a strategy to significantly expand its clean energy capacity. In November, the company launched a €75 billion investment plan for the 2020-2025 period, including massive investments in renewable energy, with the company anticipating nearly doubling its renewables capacity by 2025.
Aitor Moso, Iberdrola’s director of Liberalized Business, said:
“The agreement represents a very important milestone in our strategy of developing alliances with key players in the industrial sector – which is one of the most difficult to decarbonize – allowing us to advance efficient electrification in the short and medium term. With the expansion of renewable solutions such as the electrification of heat, battery storage and green hydrogen in industrial manufacturing processes, we are putting our capabilities at the service of an urgent and common goal: to build a more sustainable and emissions-free economic model, offering development opportunities for industry and employment.”