The trading house hopes to commercialize the new technology, which produces hydrogen through the electrolysis of water, over the next few years. It has already applied to patent the technology in 40 countries.

Mitsubishi has so far managed to produce pressurized hydrogen at a pilot plant using the new technology, dubbed High-compressed Hydrogen Energy Generator, or HHEG, the company said Tuesday in a statement.

The pressurized hydrogen gas is widely used for fuel cell vehicles.

With other existing technologies, hydrogen extracted from natural gas, refined oil products, or other feedstock, has to be compressed through a secondary unit.

The new Mitsubishi technology would make it possible to produce compressed hydrogen without any secondary units, thereby cutting production costs.

Also, the hydrogen production technology wouldn't generate carbon dioxide emissions, unlike other process technologies that use natural gas and oil products, Mitsubishi said.

Mitsubishi stressed in the statement that the new technology produces purified hydrogen and oxygen by using only water and electricity.

The company plans to supply the hydrogen at home and abroad.