Mitsubishi Corp establishes hydrogen company in Europe

Japan’s Mitsubishi Corporation (MC) on June 22 announced the establishment of Eneco Diamond Hydrogen, a joint venture between MC and its Rotterdam-based subsidiary Eneco, to develop green hydrogen and renewable energy in Europe.

Eneco Diamond Hydrogen aims to leverage the strengths of both MC and Eneco to contribute to the global efforts of decarbonisation, MC said.

With an increasing global focus on renewable energy, hydrogen is gaining attention as a fuel alternative and a flexible capacity for power grids. The EU has set ambitious targets for hydrogen production and imports of green hydrogen by 2030.

Eneco Diamond Hydrogen will tap into the expertise and experience of Eneco in the renewable energy sector and MC's extensive network across various industries such as oil refining, chemicals, steel, and marine transport.

MC has prioritised energy transformations in its midterm corporate strategy, aiming to provide zero-carbon solutions to support the decarbonisation of the energy sector worldwide. The establishment of Eneco Diamond Hydrogen signifies MC's commitment to green hydrogen businesses in Europe, it said.

MC plans to apply the knowledge and experience gained through Eneco Diamond Hydrogen to develop hydrogen operations in other parts of the world, contributing to global decarbonisation efforts.