18 October 2007 – Mitsubishi Heavy Industries (MHI) has established a subsidiary in the UK, in London, in a quest to attract expanded orders in Europe for its power generation systems, including gas turbine combined cycle plants.
In a statement Mitisubishi said that the new company, Mitsubishi Power Systems Europe, Ltd. (MPSE), would not only conduct order-taking activities for newly constructing thermal power generation plants but also provide after-sales services and promotes expansion of renewable energy business, such as and wind turbines and photovoltaic power generation systems.
Future plans call for MPSE to expand its territory to cover the Middle East and Russia.
In the EU, as electricity demand surges due to economic growth, demand for power generation equipment for new power plants and for rehabilitation of aged plants is increasingly sharply. Against this backdrop, sales of gas and steam turbines are expected to treble in volume between 2006 and 2013.
Investments into renewable energy applications such as wind turbines and photovoltaic power generation are also robust, supported by aggressive subsidizing policies throughout the region that today are making the EU the world’s largest market, it said.
MHI said that it decided to establish a base in Europe dedicated to the power system business in order to respond swiftly and effectively to this rapid market expansion.
In addition, the company has been accelerating cooperation with European companies in the power system business in various manners and needed to establish a local subsidiary to control these activities, too.