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MHI To Purchase Artemis' Entire Equity

Posted on December 3, 2010

Mitsubishi Heavy Industries (MHI) and the shareholders of Artemis Intelligent Power, an R&D and engineering firm in the United Kingdom, have reached an agreement that will allow MHI to purchase Artemis’ entire equity. Through the agreement, MHI aims to obtain hydraulic power drive technology owned by Artemis, MHI said.

MHI hopes to apply the technology to its range of products, including energy systems such as wind turbines and engines used for power generation as well as railroad- and ship-related products.

The initial target will be a 32 GW offshore wind park project (Round 3 Project), which has support from the British Government as well as from local business partners. MHI plans to develop new wind turbines incorporating Artemis’ hydraulic drive technology, the company said.

The acquisition was implemented by Mitsubishi Power Systems Europe, an MHI subsidiary that oversees the company's power systems business in Europe.

For more information: www.mhi.co.jp/en

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