Dit post ik hier omdat Mitsubishi wel aandelen heeft in HydrogenPro
Shareholder Shares Share of capital
Richard Espeseth 11 424 125 19,76%
TM Holding AS 9 635 182 16,67%
Clearstream Banking S.A. 5 828 851 10,08%
Mitsubishi Heavy Industries LTD 5 381 165 9,31%
Vivian Yanjin Chen Espeseth 3 173 571 5,49%
Mitsubishi Heavy aims to lift shares with shift to hydrogen
TOKYO -- The CEO of Mitsubishi Heavy Industries said on Friday he aims for a turnaround in his company's share price with a push toward hydrogen energy.
"Reducing carbon gas emissions into the atmosphere and achieving carbon neutrality is a common human challenge," said CEO Seiji Izumisawa in an interview with the media. "Carbon gas emissions have to be reduced as much as possible, and if emissions have to be made, then they have to be captured from the atmosphere."
About 35 billion tons of CO2 were emitted globally last year. Emissions are projected to increase nearly 5% to a record level this year.
"Emissions cannot be reduced to zero in one day. We need to work toward a target by using existing facilities," Izumisawa said. "This doesn't mean emissions are allowed the same as before. The facilities need to be made more efficient and reduce their emissions."
The Japanese industrial conglomerate is under investor pressure to revamp a corporation model that depends heavily on fossil fuels -- the manufacture of turbines and boilers for thermal power plants -- for 40% of revenues. To increase corporate value, the company feels it is imperative to accelerate a shift away from fossil fuels.
Mitsubishi Heavy is the world's top manufacturer of carbon capture systems and is also pioneering the use of hydrogen for thermal power generation and steelmaking. These technologies may promise a smooth transition to zero emissions without incurring too large an investment.
But the emerging technologies also have issues. Capturing carbon emissions does not make sense unless there is a place to store them, which is usually deep underground. Nor is hydrogen fuel a viable option unless it can be produced inexpensively and without using fossil fuel.
Under MHI's vision of future power, hydrogen will be mixed with natural gas in the initial stage, before transitioning to hydrogen-only generation in the future.
Climate groups are largely skeptical of these technologies, saying they could be used to perpetuate reliance on fossil fuel.
Due to these concerns, MHI's market capitalization has stayed below 900 billion yen and is expected to end the year below the 1-trillion-yen mark for the first time since 2004.
Since Izumisawa assumed leadership in April 2019, the share price has fallen over 40%.
Izumisawa apologized for the lackluster performance of the company. "Investors may have difficulty understanding where we are headed. We need to do more to explain what we intend to do," he said.
Analysts see Mitsubishi Heavy as one of the top energy transition plays in Japan. "MHI is the most exposed to energy, with its product range the most diverse among the heavies," CLSA analysts Edward Bourlet and Morten Paulsen say in a research note. They point out, however, that there is still uncertainty about how big a role hydrogen will play in the global low carbon shift. "While coal-fired hydrogen capacity may be ready for rollout by the mid-2020s, hydrogen-only generation will only be ready for commercial use from 2030," they say.
The sluggish share price also reflects challenges facing MHI's aviation business. MHI is a tier-one supplier for Boeing, manufacturing the wings of the 787 Dreamliner and fuselage of the larger 777.
MHI's program to develop SpaceJet -- Japan's first Indigenous passenger jet program -- has been put on hold since last year, despite massive investments over a decade as demand for air travel tanks due to the pandemic. Flight tests for SpaceJet have been suspended, without which the aircraft cannot receive regulatory approval.
Izumisawa said MHI is working on documentation for regulatory approval. Efforts are also underway to digitize the aircraft manufacturing process to make it more efficient and avoid the kind of production delays that previously plagued the project.
"The SpaceJet program for next year is still under discussion," he said, adding that it depends on market conditions.
Izumisawa states that the company will have to hold discussions with other stakeholders about how to develop the aviation industry in Japan -- a market that is dominated by Boeing and Airbus.