MHI Acquires Artemis Intelligent Power, a UK Venture Company,
To Secure Unique Hydraulic Power Drive Technology

The initial target will be a large-scale 32-gigawatt (GW) offshore wind park project (Round 3 Project) currently being promoted by the British Government as an important national initiative. With support from the British Government as well as from local business partners, MHI will develop new wind turbines incorporating Artemis's hydraulic drive technology and ramp up its entry into the offshore wind farm market.

The acquisition was implemented by Mitsubishi Power Systems Europe, Ltd. (MPSE), an MHI subsidiary that oversees the company's power systems business in Europe. While Artemis now becomes a wholly owned subsidiary of MPSE, its current organization of superior engineers will in principle be maintained in order to continue the development of leading-edge hydraulic power systems, including computer-controlled high-speed solenoid valves applying Artemis's Digital Displacement® technology.

Artemis, established in 1994, is a venture company consisting of a team of engineers and technicians specialized in hydraulic system development. In addition to its hydraulic power drive technology realizing high reliability and superior cost-effectiveness, the company also holds many patents and trademarks in the UK and other countries, including for its core technology of high-capacity, high-speed, digital-controlled valves. The company is undertaking various technology development programs, including one conducted under a grant from the UK Department of Energy and Climate Change (DECC). Artemis has 25 employees.

Going forward, MHI will continue to aggressively pursue beneficial acquisitions, capital participations and technological tie-ups in a quest to further accelerate development of its operations globally.