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Mitsubishi to initiate hydrogen business in Canada
Publication date: 30-June-04
Source: Kyodo News
Major Japanese trading house Mitsubishi Corp. will establish a company in Canada to engage in hydrogen production equipment deals, a Japanese business daily reported Thursday.

The Nihon Keizai Shimbun said Mitsubishi has decided to set up a wholly owned unit in Vancouver to capitalize on major Canadian fuel cell and hydrogen-related companies.

Capitalized at C$14 million (about $10.5 million), the Canadian unit will begin operations in July, and Mitsubishi will market equipment that breaks down water to extract hydrogen next year, the report said.

Mitsubishi's new firm in Canada anticipates annual sales of 4-5 billion yen by 2010 by engaging in technology exchanges with Canadian firms and forming capital and operational alliances, the report said. 

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