Mitsubishi, Shell and Johnson Matthey establish venture capital company for the hydrogen economy

Tokyo, Japan, Jan. 29, 2002 -- Mitsubishi Corporation, Shell Hydrogen and Johnson Matthey plc today announce the creation of Conduit Ventures Limited, Europe's first venture capital company focused on the high growth area of fuel cells and related hydrogen technologies.

Conduit will make investments in companies that have established fuel cell and hydrogen technologies and are seeking further capital for commercial sales and development. Conduit will be based in London and will make global investments with a focus on Europe and North America.

Other investors will be invited to join the fund, raising up to $100 million. Conduit will be managed by two former investment bankers who specialized in the energy and fuel cell industries: John Butt, formerly a Director of European Mergers and Acquisitions at Schroder Salomon Smith Barney and John Knight, formerly the Managing Director and head of European Oil and Gas at Schroder Salomon Smith Barney.

"We believe that fuel cells and related hydrogen technologies have enormous potential to become the fuel technologies of the future. Conduit will concentrate on investments that are at a post-seed/pre-IPO with technology that is close to commercialization," said Don Huberts, Chief Executive Officer of Shell Hydrogen.

"The fuel cell industry is revolutionizing the way power is delivered to all areas of our lives from cars, mobile phones and computers and the delivery of electricity to our homes and work places. Johnson Matthey supplies much of the precious metal materials and technology for fuel cells and we are pleased to have the opportunity to work with Mitsubishi and Shell in creating a fund with the aim of developing a portfolio of world class investments," said David Morgan, Executive Director of Johnson Matthey responsible for corporate development.

"Mitsubishi Corporation has interests in all areas of the emerging hydrogen economy and we have our own business development plans in fuel cell related industries including development of many different applications for fuel cell. We believe that the combination of our skills with those of Shell and Johnson Matthey, together with the experience and creativity of John Butt and John Knight will mean that Conduit can create more opportunities to develop well funded and successful commercialization of new fuel cell industries," said Mr Hirai, senior manager, energy business development unit of Mitsubishi Corporation in Tokyo.

Fuel cell technologies are already being used for stationary power, residential power and portable power, with future applications in bus engines and car engines. Orders for larger fuel cells to produce electricity in competition with existing power stations and grid electricity are starting to emerge in the United States and Europe.

About Shell Hydrogen

Shell Hydrogen is a global business consisting of separate companies and other organizational entities within the Royal Dutch/Shell Group of companies. Shell Hydrogen was set up in 1999 to pursue and develop business opportunities related to hydrogen and fuel cells, and has its principal office in Amsterdam, the Netherlands. About Johnson Matthey

Johnson Matthey is a specialty chemicals company focussed on precious metals, catalysts and other fine chemicals. Johnson Matthey has operations in 34 countries and employs around 6,500 people. Its products are sold across the world to a wide range of advanced technology industries.

The company's fuel cell business, Johnson Matthey Fuel Cells is a producer of catalysts and catalysed components for fuel cells. It is expanding rapidly and currently employs more than 150 people across Europe, the USA and Japan. For more information visit http://www.matthey.com/environment/fuelcell.

About Mitsubishi Corporation

Mitsubishi Corporation is one of the world's most diverse enterprises, and Japan's largest sogo shosha, or trading company. Mitsubishi Corporation has decades of experience doing business around the world, experience that has made it more than just a leader in international trade.

The company's extensive network and wide-ranging activities give it a decisive edge in gathering the timely, accurate market information vital to success. The company's 7 business groups--New Business Initiative, IT & Electronics Business, Fuels, Metals, Machinery, Chemicals and Living Essentials--work closely with clients to develop new business opportunities.

Project coordination, sourcing of raw materials, capital investments and development of sales channels are just a few of the ways Mitsubishi Corporation creates value for business partners, customers and shareholders. For further information, please visit the Mitsubishi Corporation home page at: www.mitsubishi.co.jp


Sponsored by FLSmidth

Related Articles

Power Engineering, Renewable Energy World announce Projects of the Year!

Editors from Renewable Energy World and Power Engineering reviewed each nominee and selected the four winners based on the technology that was employed as well as the projects’ impact on the industry at large and on the communities in which they were installed.

MHPS to increase output at thermal power plant in Mexico

Mexico’s Federal Electricity Commission (CFE) has awarded Mitsubishi Hitachi Power Systems, Ltd. (MHPS) a full turnkey order, worth $200 million, to increase the output of Units No.1 through No. 4 at CFE's Río Escondido Thermal Power Plant from 1,200-MW to 1,320-MW.

Follow Power Engineering on Twitter

Latest News

NCC Report: DOE must develop stronger policy to foster adequate carbon capture and storage

The National Coal Council (NCC) today released a new study in response to a request by Secret...
CASL DOE light water reactors LWR research and development

DOE extends funding for light water reactor research consortium

MHPS to take over thermal power business

Effective April 1, Mitsubishi Hitachi Power Systems (MHPS) will take over the business in the...

Builder projects 18-month delay for nuclear plant in Georgia

Southern Co. (NYSE: SO) said the firms building its new nuclear power plant in Georgia estima...

Alstom to maintain Olkiluoto nuclear island equipment

Alstom was awarded a five-year contract to maintain equipment at the Olkiluoto nuclear power ...
2014 Projects of the Year

Power Engineering Photo of the Day

Capstone Turbine corporation shale oil and gas microturbines Horizon Power Systems

Capstone Turbine Receives Follow-On Order for Fifteen C65s from Horizon Power Systems

Capstone Turbine Corp. received an order for 15 C65 microturbines for shale oil and gas custo...
Yucca Mountain Nevada nuclear spent fuel waste repository DOE application NRC review SER evaluation volumes

NRC publishes last two volumes of Yucca Mountain safety evaluation

The NRC published two more volumes of its safety evaluation on a geologic high-level nuclear ...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Intergraph(R) Releases PV Elite(R) 2015 With New Modeling Capabilities and Other Productivity Enhancements

Intergraph(R) Releases PV Elite(R) 2015 With New Modeling Capabilities and Other Produc...

Utility Execs Explain How to Centralize Crew Management Before and After Storms

Utility Execs Explain How to Centralize Crew Management Before and After Storms

Con Edison 2016 Rate Plan Cites Reliability, Storm Prep, Better Technology

Con Edison 2016 Rate Plan Cites Reliability, Storm Prep, Better Technology

Diesel Particulate Matter (DPM) Testing Evidences 20% Reduction With Use of CyberFuels Dynamo(TM) Cetane Booster

Diesel Particulate Matter (DPM) Testing Evidences 20% Reduction With Use of CyberFuels ...

Miller Energy Declares Cash Dividends on Its Series B, Series C and Series D Preferred Stock

Miller Energy Declares Cash Dividends on Its Series B, Series C and Series D Preferred ...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>