Mitsubishi Corporation (MC), the Japanese multinational conglomerate, has launched Eneco Diamond Hydrogen B.V. (Eneco Diamond Hydrogen) to spearhead green hydrogen and renewable energy initiatives across Europe. This strategic move signifies the corporation’s unwavering commitment to the global decarbonization drive.
Eneco Diamond Hydrogen, established on June 6, 2023, is a joint venture between MC and its subsidiary N.V. Eneco, an integrated energy firm based in Rotterdam.
The creation of Eneco Diamond Hydrogen comes at a time when the global urgency to mitigate carbon emissions is at an all-time high. Countries worldwide are intensifying efforts to incorporate renewable energy into their energy matrices. Hydrogen is garnering attention as it can be conveniently stored, transported, and utilized as both an alternative fuel source and a flexible resource for power grids.
The European Union, keen on accelerating hydrogen adoption, has set ambitious targets. It aims to produce and import 10 million tons of green hydrogen annually by 2030.
Eneco Diamond Hydrogen will leverage the proficiencies of its parent companies to foster green hydrogen initiatives and expand its renewable energy portfolio beyond the Netherlands. This includes tapping into Eneco’s deep-rooted expertise in renewable energy and harnessing MC’s extensive operations network spanning industries like oil refining, chemicals, steel, and marine transport.
Aligning with MC’s latest midterm corporate strategy, Eneco Diamond Hydrogen reinforces the corporation’s emphasis on energy transformations. The primary focus is on delivering zero-carbon solutions to bolster global decarbonization initiatives.
The establishment of Eneco Diamond Hydrogen highlights MC’s dedication to promoting green hydrogen enterprises in Europe. But the corporation’s ambitions extend beyond the continent. MC acknowledges the escalating demand for hydrogen production and utilization in Japan, the United States, and other Western and Asian countries. The corporation is poised to capitalize on the expertise gleaned from Eneco Diamond Hydrogen to stimulate the progression of hydrogen initiatives across various global regions, thus advancing decarbonization efforts.