On January 23, 2003,
Mitsubishi International Corporation (“MIC”) had
reached the completion of its strategic investment in
Cellennium (Thailand) Company Limited (“Cellennium”).
This investment will help Cellennium move ahead with the
commercial production of its licensed vanadium reversible
fuel cell technology for the production and storage of
electricity from renewable sources (solar, wind, biomass).
MIC's relationship with Cellennium will facilitate crucial
raw materials supply, marketing and production in
Thailand.
Cellennium is a company under the umbrella of the Squirrel
Group. Cellennium has acquired the license from the
Squirrel Group to be the exclusive manufacturer, service
provider and distributor in Thailand of Squirrel
Electricity Storage (SES), a novel Redox Flow Battery that
utilizes vanadium as the electrolyte, and related systems
and components in respect of applications for
demand-shifting for buildings, telecommunications stations
for mobile phones, buses, boats, forklifts, wind, solar
and biomass-generated electricity. These commercial
products, employing breakthrough inventions, will have
wide markets and substantial benefits in the electrical
energy sector of the economy.
The company plans to demonstrate its pilot units by the
end of this year and begins the first production stage by
the second half of next year.
Mitsubishi International Corporation (MIC), as a wholly
owned subsidiary of Mitsubishi Corporation, is a unique
knowledge-based company. Established in 1954 and
headquartered in New York City, MIC offers a broad range
of services to add value and create international business
opportunities. MIC’s primary businesses are
international trade involving commodities, consumer and
industrial products, complex project management and
strategic finance and investment. These core businesses
span the following market areas : chemicals, energy,
information systems and services, living essentials,
machinery and technology and corporate ventures.
MIC’s key business strategy involves leveraging its
knowledge of industries and markets around the world to
create new, sustainable businesses. MIC also transforms
opportunities into businesses by providing services to
various industries at different stages of the product or
project cycle. MIC adds value through its ability to
finance and invest in the development of companies and
projects, as well as through its expertise in developing
the upstream and downstream activities needed for
businesses to succeed. Strategically investing across
crucial touch points, MIC helps create dynamic new
ventures that benefit its business partners. MIC currently
has more than 50 subsidiaries and affiliates designed to
enhance revenues and develop strategic relationships
domestically and internationally. For the year ended 31
December 2001, MIC generated trading transactions of US$
6.73 billion, gross profit of US$ 118 million and net
income of US$ 51 million. |
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