MHI Acquires Artemis Intelligent Power, a UK Venture Company,
To Secure Unique Hydraulic Power Drive Technology
Tokyo, December 3, 2010 - Mitsubishi Heavy Industries, Ltd. (MHI) has reached an agreement with the shareholders of Artemis Intelligent Power, Ltd., an R&D and engineering firm in the UK, enabling MHI to purchase Artemis's entire equity. Through the acquisition recently completed, MHI aims to secure unique hydraulic power drive technology owned by Artemis. By applying the technology to its wide range of products, including energy systems such as wind turbines and engines used for power generation as well as railroad- and ship-related products, MHI intends to achieve further product sophistication and differentiation.
The initial target will be a large-scale 32-gigawatt (GW) offshore wind park project (Round 3 Project) currently being promoted by the British Government as an important national initiative. With support from the British Government as well as from local business partners, MHI will develop new wind turbines incorporating Artemis's hydraulic drive technology and ramp up its entry into the offshore wind farm market.
The acquisition was implemented by Mitsubishi Power Systems Europe, Ltd. (MPSE), an MHI subsidiary that oversees the company's power systems business in Europe. While Artemis now becomes a wholly owned subsidiary of MPSE, its current organization of superior engineers will in principle be maintained in order to continue the development of leading-edge hydraulic power systems, including computer-controlled high-speed solenoid valves applying Artemis's Digital Displacement® technology.
Artemis, established in 1994, is a venture company consisting of a team of engineers and technicians specialized in hydraulic system development. In addition to its hydraulic power drive technology realizing high reliability and superior cost-effectiveness, the company also holds many patents and trademarks in the UK and other countries, including for its core technology of high-capacity, high-speed, digital-controlled valves. The company is undertaking various technology development programs, including one conducted under a grant from the UK Department of Energy and Climate Change (DECC). Artemis has 25 employees.
Going forward, MHI will continue to aggressively pursue beneficial acquisitions, capital participations and technological tie-ups in a quest to further accelerate development of its operations globally.
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