Mitsubishi Materials, Partner Set Up Geothermal Power Venture

(Bloomberg) — Mitsubishi Materials Corp. and Mitsubishi
Gas Chemical Co. set up a venture with plans to develop a
geothermal power project in Japan’s northern prefecture of
Iwate.

The venture will conduct an environmental impact assessment
after earlier tests confirmed an area in Hachimantai City has 15
megawatts of geothermal capacity, the companies said in a
statement Thursday.

The partners are aiming for the plant to start running in
2022, Hiroshi Shimizu, a spokesman for Mitsubishi Materials,
said by phone.

Mitsubishi Materials has a 60 percent stake in the venture,
while Mitsubishi Gas Chemical holds the remainder.

To contact the reporter on this story:
Chisaki Watanabe in Tokyo at
cwatanabe5@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Iain Wilson, Claudia Carpenter

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