MHI-MME Undertakes Capital Investment In Maritime Innovation Japan Corp.

Tokyo, April 10, 2014 - On April 10 Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME) took a decision to undertake capital investment in Maritime Innovation Japan Corporation (MIJAC).

MIJAC, based in Tokyo, was established in April 2013 to engage in research and development of technologies in areas including ship design and construction, ship operations, reduction of carbon dioxide (CO2) and other emissions, and efficient use of ocean energy. The company was initially capitalized by five companies - Nippon Yusen Kabushiki Kaisha; Oshima Shipbuilding Co., Ltd.; Sanoyas Shipbuilding Corporation; Shin Kurushima Dockyard Co., Ltd.; Tsuneishi Shipbuilding Co., Ltd. - and a classification society, Nippon Kaiji Kyokai (ClassNK).

MHI-MME began collaborating with MIJAC in October 2013 in the development of technologies that promote energy conservation and environmental harmony. Now, with capital participation, the relationship between the two firms has been strengthened. Leveraging this new status, MHI-MME is now positioned to further advance its "Project MEET*" targeting energy and environment solutions.

With MHI-MME's capital investment, MIJAC has assembled an R&D structure encompassing a wide spectrum of Japanese companies now including 1 shipping firm, 5 shipbuilders, 1 classification society, 1 investment bank, and 7 maritime machinery manufacturers, and. On its part, through participation in MIJAC MHI-MME looks to contribute to the development of a Japanese maritime cluster.