Ken Kawai, Mitsubishi Power’s President and CEO; Aitor Moso, Iberdrola's director of Liberalized Business. Credit: Mitsubishi

Iberdrola and Mitsubishi Power have signed a collaboration agreement to jointly develop competitive, renewable energy-based solutions that promote the decarbonisation of industrial production in different regions around the world.

The alliance between the two companies will see the development of green hydrogen production facilities, battery storage systems and electrified heat production facilities with the aim of promoting carbon-neutral industries in the short and medium-term.

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Teams made up of experts from both companies will work to identify opportunities for large-scale carbon-free renewable energy generation and storage projects for industry, focusing on difficult-to-decarbonise sectors.

Mitsubishi Power president and CEO Ken Kawai said: “…We will jointly develop and deploy the necessary hydrogen infrastructure, battery energy storage systems, and electrified heat production systems to decarbonise the power and industrial sectors. This joint development with Iberdrola fulfils our mission to create a future that works for people and the planet by developing innovative power and storage solutions to realise a carbon-neutral future.”

Aitor Moso, Iberdrola’s director of Liberalized Business, said: “The agreement represents a very important milestone in our strategy of developing alliances with key players in the industrial sector – which is one of the most difficult to decarbonise – allowing us to advance efficient electrification in the short and medium-term. With the expansion of renewable solutions such as the electrification of heat, battery storage and green hydrogen in industrial manufacturing processes, we are putting our capabilities at the service of an urgent and common goal: to build a more sustainable and emissions-free economic model, offering development opportunities for industry and employment”.

With 98 grCO2/kWh emissions, two thirds below the European average, the investment strategy in clean energy and grids will make Iberdrola a “carbon neutral” company in Europe by 2030.