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Japanese investments in EU Renewable energy

Irish wind energy €300m investment by Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power Corporation

Japanese consortium of trading company Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric invest in five Irish wind farms

by Gerhard Fasol

Irish wind energy €300m investment

Irish wind energy investments were announced by trading company Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power Corporation.

Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power Corporation have established the special purpose company ShaMrocK Wind Limited.

ShaMrocK Wind Limited will acquire 60% of shares in Evalair Wind Limited from Invisible Energy for a reported €300m, valuing Evalair Wind Limited at €500m.

Note the interesting composition of the Japanese investment joint venture ShaMrocK Wind Limited: the Japanese trading company Sojitz, the Mitsubishi group leasing unit, and Kansai Electric Power Corporation. In this combination, Sojitz contributes international business experience and know-how, and private-equity type investment know-how, Mitsubishi’s leasing unit provides financing know-how, while Kansai Electric Power contributes electricity operator know-how. At the same time, the Japanese consortium gains wind power knowledge, since wind power development in Japan is in relatively earlier stages of development than in Europe, see: https://www.eurotechnology.com/store/j_renewable/

Evalair Wind Limited

Evalair Wind Limited is a wind power plant operating company.

Directors: Michael Murnane, David Murnane

Share holders

  • ShaMrocK Limited: 60%
  • Invis Energy (JV between Michael Murnane, Craydel Group, HG Capital): 40%

Invis/Evalair Wind power: 5 plants, 223.4MW, 97 turbines

  1. Knocknagoum, County Kerry
    • 44.4 MW
    • turbines: 26 (4 x Vestas V90 2MW; 5 x Vestas V90 3MW; 6 x Vestas V80 2MW; 11 x Vestas V52 0.85MW)
    • Energy yield: 133.1 GWh/Year
    • Capacity factor: 34%
  2. Leitir Guingaid Leitir Peic, County Galway
    • 44.0 MW
    • turbines: 17 (10 x Enercon E82 2.3MW (LG); 7 x Enercon E82 3MW (LP))
    • Energy yield: 134.4 GWh/Year
    • Capacity factor: 35%
  3. Knockduff, County Cork
    • 65.0 MW
    • turbines: 26 (Nordex N90 2.5MW)
    • Energy yield: 229.9 GWh/Year
    • Capacity factor: 40%
  4. Killaveenoge, County Cork
    • 25.0 MW
    • turbines: 10 (Nordex N90 2.5MW)
    • Energy yield: 80.5 GWh/Year
    • Capacity factor: 37%
  5. Slievecallan West, County Clare
    • 45.0 MW
    • turbines: 18 (Nordex N90 2.5MW)
    • Energy yield: 170.0 GWh/Year
    • Capacity factor: 43%

ShaMrocK Wind Limited

ShaMrocK Wind Limited is a special purpose company to invest in Evalair Ltd.

Headquarter: London
Incorporated: 24 July 2017

Shareholding:

  • Mirai Power Europe Limited: 48.8%
    • Sojitz Corporation: 75%
    • Sojitz Europe plc: 25%
  • KPIC Netherlands B.V (wholly owned by Kansai Electric Power Co., Inc.): 40%
  • Mitsubishi UFJ Lease & Finance Company Limited: 11.2%

Renewable energy Japan – research report

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Energy EU investments in Japan M&A Renewable energy

Idemitsu Kosan may acquire Showa Shell Sekiyu KK for YEN 500 billion (US$ 4.1 billion)

SHELL may exit Japan after 138 years here

Idemitsu Kosan (出光興産株式会社) aims for market leadership

On December 20, 2014, both Idemitsu Kosan and Showa Shell separately announced that they had entered into discussions of possible business reorganization, indicating that Idemitsu Kosan may acquire Showa Shell next year. Because Showa Shell Sekiyu KK is a Japanese company traded on the Tokyo Stock Exchange, such an acquisition would be via a tender offer for outstanding shares.

With the development of fuel efficient cars and the shrinking population, refined oil products are a shrinking market in Japan, and a merger between Idemitsu Kosan and Showa Shell is a consequence of consolidation of this shrinking market.

This merger would also mean a departure of Royal Dutch Shell from the Japanese market.

Showa Shell Sekiyu KK (昭和シェル石油株式会社)

Listed on Tokyo Stock Exchange (TKS5002)
Market cap: YEN 384 billion (= US$ 3.2 billion)

Although Showa Shell Sekiyu KK (昭和シェル石油株式会社) generally uses the famous yellow and red Shell logo, Showa Shell Sekiyu KK (昭和シェル石油株式会社) is not a wholly owned subsidiary of Royal Dutch Shell plc, but its a public company traded on the Tokyo Stock Exchange (TSE5002), with a large number of shareholders beyond Royal Dutch Shell plc, which is the largest shareholder with a holding of 35.0%.

Given Royal Dutch Shell plc’s holding of 35.0%, this holding currently is worth approx. YEN 134.4 billion (US$ 1.12 billion).

35% of the reported tender offer price would correspond to YEN 175 billion (US$ 1.44 billion)

Shareholders:

  • 35.0% Royal Dutch Shell Plc
  • 14.9% Government of Saudi Arabia
  • 1.8% Nomura Asset Management Co., Ltd.
  • 0.9% Daiwa Asset Management Co. Ltd.
  • 0.9% Nikko Asset Management Co., Ltd.
  • 0.7% Grantham, Mayo, Van Otterloo & Co. LLC
  • 0.7% SEB Investment Management AB
  • 0.6% BlackRock Fund Advisors
  • 0.6% The Vanguard Group, Inc.
  • 0.6% Norges Bank Investment Management
  • 42.7% others
  • —————————————
  • 100.0% Total

related: Solar Frontier KK

Solar Frontier KK is a 100% owned subsidiary of Showa Shell Sekiyu KK, developing and manufacturing copper indium gallium selenide (CIGS) solar cells and related business, such as developing and operating solar power stations using CIGS cells.

Revenues and market shares in Japan’s oil/gasoline markets

With a merger of Idemitsu and Showa-Shell, the combined company will have a firm second position with a 30% market share, very close to the market leader JX Holdings with 34% market share.

History of Shell and Showa Shell Sekiyu KK (昭和シェル石油株式会社) in Japan

Showa Shell Sekiyu KK (昭和シェル石油株式会社) is the basis of the Royal Dutch Shell Group in Japan.

Showa Shell Sekiyu KK (昭和シェル石油株式会社) was formed on January 1, 1985 by the merger of Showa Oil Co Ltd and Shell Sekiyu KK. The Royal Dutch Shell Group had a shareholding in Showa Oil Co Ltd since June 1951.

Shell Sekiyu KK goes back to Samuel Samuel & Co, started by Samuel Samuel in partnership with his brother Marcus Samuel, 1st Viscount Bearstead (subsequently The Lord Bearstead and The Rt. Hon. The Viscount Bearsted Bt. – the founder of the Shell Transport and Trading Company), in Yokohama around 1876. Samuel Samuel & Co set up the Rising Sun Petroleum Co Ltd. In 1947, Rising Sun Petroleum Company was renamed Shell Sekiyu.

Shell Sekiyu and Showa Sekiyu merged in 1985 to form Showa Shell Sekiyu.

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Japanese investments in EU M&A Renewable energy

Hitachi Zosen Inova AG acquires Energy-from-Waste (EfW) EPC Axpo Kompogas Engineering AG (Komeng)

Waste is our Energy! – Energy-from-Waste (EfW)

by Gerhard Fasol

Hitachi Zosen Inova AG acquires Axpo Kompogas Engineering AG

AXPO agreed on October 24, 2014 to sell its subsidiary Axpo Kompogas Engineering AG to Hitachi Zosen Inova AG (ZHI AG). Closing is in mid December 2014.

Axpo Kompogas Engineering AG (Komeng)

Axpo Kompogas Engineering AG (Komeng) is an EPC (engineering, planning, construction) company planning and constructing dry fermentation plants using the Kompogas process, which produces biogas and compost from biomass via a dry fermentation process.

Address: Flughofstrasse 54, CH-8152 Glattbrugg, Switzerland
CEO: Bernard C. Fenner
Business: EPC (engineering, procurement, construction) and maintenance of Kompogas plants
Established: 2013
Capital: approximately SFR 3.6 million (YEN 425 million)

Kompogas method generates biogas by methane fermentation from kitchen and other organic waste

The Kompogas process was developed about 1988-1989 by the Swiss entrepreneur Walter Schmid initially on his private balcony.

The Kompogas process produces biogas and compost from biological, organic waste via a fermentation process. The resulting biogas can be used for cars and trucks, and the compost as organic fertilizer.

AXPO is an electricity operator, generating, distributing, selling and trading electricity, and is fully owned by cantons of north-eastern Switzerland.

Hitachi Zosen Inova AG (ZHI AG), which became a subsidiary of Japan’s Hitachi Zosen Corporation (日立造船株式会社) with the acquisition of the bankrupt AE&E Inova Holding AG on December 20, 2010, acquires Axpo Kompogas Engineering AG, as of Nov. 5, 2014.

Hitachi Zosen Inova AG (HZI AG) history

Hitachi Zosen Inova AG (HZI AG) was created when Hitachi Zosen acquired AE&E Inova Holding AG on December 20, 2010, after it filed for bankruptcy in Zurich on December 3, 2010, read details here.

AE&E Inova Holding AG goes back to a department for thermal waste management of the Gesellschaft der Ludwig von Roll’schen Eisenwerke which was founded in 1823.

Japan electronics industries – mono zukuri.

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Japanese investments in EU M&A Renewable energy

JFE Engineering acquires boiler maker Standardkessel Power Systems Holding GmbH

JFE Engineering globalizes and strengthens biomass and waste electricity generation systems business

Standardkessel-Baumgarte: from a classic boiler maker to biomass and waste-to-energy power plants

JFE Engineering acquires all outstanding shares of Standardkessel Power Systems Holding GmbH, for approximately YEN 10 billion (US$ 87 million), from current shareholders.

Standardkessel (founded 1925) and Baumgarte (founded 1935) started as classic boilermakers, and today supply turnkey power plants and power plant components for fossil energy sources, e.g coal, gas and oil, and also for alternative energy carriers, e.g. biomass, municipal waste, and industrial waste.

Standardkessel Power Systems Holding GmbH is a holding company owning 100% of the shares in the Standardkessel Baumgarte Group, which consists of:

  • Standardkessel GmbH (founded 1925)
  • Baumgarte GmbH (founded 1935)
  • Standardkessel Baumgarte Service Holding GmbH (founded 2008)

Standardkessel-Baumgarte were founded as classic boiler makers, and developed into makers of biomass and waste-to-energy power plant suppliers and service group.

By acquiring Standardkessel-Baumgarte, JFE Engineering can strengthen overseas business, accelerate globalization and move into the biomass and waste-to-energy electricity and power generation sector.

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FDI Japanese investments in EU Renewable energy

Yaskawa acquires The Switch Engineering Oy, manufacturer of generators for wind power

The Switch Engineering Oy was valued US$ 265 million in 2011

Trend: Japanese companies acquire European renewable energy technology companies

On July 2, 2014 Yaskawa Electric Corporation acquired all shares of The Switch Engineering Oy, which are not owned by the Switch. The acquisition price was not announced, however, AMSC in 2011 had agreed and later cancelled to acquire The Switch for US$ 265 million. Therefore we can expect the acquisition price to be at least of this order if not much higher.

Vacon plc held approx. 14% of The Switch directly and another approx. 5% through the investment fund Power Fund I. On July 1, 2014, Vacon plc sold all these shares to Yaskawa Electric Corporation.

Finnish Industry Investment sold a holding of The Switch to Yaskawa.

The Switch Engineering Oy “Bringing you power”

The Switch Engineering Oy makes permanent magnet generators (PMG) and full-power converters (FPC) for wind turbines (1 MW – 8 MW and higher), marine applications and other industrial applications.

The Switch was founded in 1996, and in 2013 reported sales of € 46.2 million (US$ 53 million), and employed 175 people. The Switch headquarters are in Vantaa, Finland.

The Switch Engineering Oy was valued US$ 265 million in 2011

On March 14, 2011, American Superconductor Corporation AMSC signed a definitive agreement to acquire The Switch for US$ 265 million. However, on October 31, 2011, AMSC announced the cancellation of this agreed acquisition and paid € 14.2 million as break-up fee, a sum which had already been paid as an advanced payment of the acquisition price.

Yaskawa Electric Corporation (株式会社 安川電機)

Yaskawa Electric Corporation was founded on July 16, 1915, and headquarters are in Kitakyushu in the West of Japan.

Sales by business segment (FY2014: Fiscal year ended March 2015)

  • Motion control: YEN 188.1 billion (US$ 1.571) 47%
  • Robotics: YEN 136.0 billion (US$ 1.136 billion) 34%
  • System Engineering: YEN 41.0 billion (US$ 0.342 billion) 10%
  • Other: YEN 35.1 billion (US$ 0.293 billion) 9%
  • Total: YEN 400.153 billion (US$ 3.3 billion) 100%

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Energy Japanese investments in EU

Toshiba acquires 60% of NuGeneration Ltd

Toshiba acquiring an additional 10% of NuGeneration

by Gerhard Fasol

NuGeneration becomes a joint-venture between Toshiba (60%) and GDF Suez (40%)

In December 2013, Toshiba purchased 50% of NuGeneration Ltd from Iberdrola (of Spain) for UKL 85 million (US$ 146 million).

On June 30, 2014, Toshiba announced to purchase an additional 10% of NuGeneration Ltd from GDF Suez.

Thus, NuGeneration becomes a joint-venture between Toshiba (owning 60% of NuGeneration) and GDF Suez (owning 40% of NuGeneration).

NuGeneration Ltd (NuGen)

NuGeneration Ltd. (NuGen) owns an option to purchase the 190 hectare Moorside site, located to the north of Sellafield, from the UK Nuclear Decommissioning Agency.

NuGeneration plans to build a 3.4 GigaWatt nuclear power station using three AP1000 reactors built by Westinghouse. Westinghouse is owned by Toshiba (87%), by Kazakhstan based Uranium and nuclear fuel producer KazAtomProm (10%) and the Japanese engineering company IHI (3%).

When finished, NuGeneration’s Moorside nuclear power plant is expected to deliver about 7% of UK’s electricity.

Two factors drive Toshiba to acquire a majority holding of NuGeneration (NuGen):

  1. the great uncertainty of the future of nuclear power in Japan following the Fukushima nuclear accident
  2. Toshiba’s commitment to nuclear power – and dependence on nuclear power construction following the acquisition of the majority of Westinghouse

Japan electronics industries – mono zukuri.

Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

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Energy Japanese investments in EU M&A

Hitachi Engineering Europe formed by acquisition of Valcom S.r.l.

Hitachi acquires Valcom, electrical and instrumentation engineering for oil and gas plant systems

by Gerhard Fasol

Hitachi Engineering Europe: the new name for Valcom

Hitachi acquired all outstanding shares of Valcom S.r.l. and will rename the company “Hitachi Engineering Europe S.r.l.”

Valcom S.r.l. is an Engineering, Procurement, Construction (EPC) company, headquartered in Milano (Italy), in the following fields:

  • Oil and gas field development, electrical and instrumentation engineering business for oil and gas plant systems
  • Fossil fuel and nuclear power plants
  • Pipelines
  • Refineries and petrochemical facilities
  • Chemical and service industries
  • Airport and communications networks
  • Power transmission lines
  • Renewable energy power plants
  • Non-residential buildings (hospitals, universities, offices, etc.)
  • Floating Production, Storage and Offloading (“FPSO”) systems
  • Engineering business related to electrical equipment (transformer substation, power distribution, drive systems, and lighting equipment, etc.) needed to operate machinery, and measurement equipment (sensors, etc.) and to control plant systems

Japan electronics industries – mono zukuri.

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Energy

Toshiba acquires 50% of nuclear power generator NuGeneration

Toshiba acquires 50% of NuGeneration for UKL 85 million

by Gerhard Fasol

NuGeneration acquires 50% stake in NuGeneration from Spain’s Iberdola

In December 2013, Toshiba purchased 50% of NuGeneration Ltd from Iberdrola (of Spain) for UKL 85 million (US$ 146 million), making NuGeneration a 50%/50% joint venture between Toshiba and GDF Suez.

NuGeneration Ltd (NuGen)

NuGeneration Ltd. (NuGen) owns an option to purchase the 190 hectare Moorside site, located to the north of Sellafield, from the UK Nuclear Decommissioning Agency.

NuGeneration plans to build a 3.4 GigaWatt nuclear power station using three AP1000 reactors built by Westinghouse. Westinghouse is owned by Toshiba (87%), by Kazakhstan based Uranium and nuclear fuel producer KazAtomProm (10%) and the Japanese engineering company IHI (3%).

When finished, NuGeneration’s Moorside nuclear power plant is expected to deliver about 7% of UK’s electricity.

Two factors drive Toshiba to acquire a 50% share of NuGeneration (NuGen):

  1. the great uncertainty of the future of nuclear power in Japan following the Fukushima nuclear accident
  2. Toshiba’s commitment to nuclear power – and dependence on nuclear power construction following the acquisition of the majority of Westinghouse

Japanese investments in UK nuclear power generation

Toshiba’s investment in NuGeneration is the second large Japanese investment in UK nuclear power generation, following Hitachi’s acquisition of Horizon Nuclear Power from Germany’s RWE and EON Ag.

While Germany has decided to exit nuclear power with the “Energiewende”, the future of nuclear power in Japan is unclear – unlike in Germany, at the moment all Japanese nuclear power stations are switched off.

Interestingly Japanese and German companies react in opposite ways regarding the future of nuclear energy: German companies RWE and EON AG exit nuclear energy, while Toshiba and Hitachi grasp the opportunities and acquire nuclear power planning companies NuGen and Horizon Nuclear Power.

Japan electronics industries – mono zukuri.

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Energy market entry

Japan energy market: How can an EU company succeed in Japan’s energy landscape? (EU-Japan Gateway keynote)

Japan energy market entry for EU companies

EU-Japan Gateway program keynote

I was invited to give a keynote talk to about 50 European participants in the EU-Japan Gateway program, which assists small and medium sized European companies to enter the Japanese market.

Japan energy market: “How can a European company succeed in Japan’s energy landscape?”

I explained Japan’s energy situation today, based on our reports:
Renewable energy in Japan
Japan’s energy sector

followed by some advice on how a European company can succeed in Japan, covering the following points:

  • you often need a taylor made solution for Japan
  • you need to understand the market, market landscape, need to do your market research
  • you need to understand the value of your product/service in Japan’s market
  • you need working capital to build business in Japan, somebody needs to invest this working capital: you, your investors, or in some cases Japanese partners, each option has advantages and disadvantages
  • some common mistakes – why business development in Japan can fail
  • some steps towards success
Categories
Energy FDI Japanese investments in EU M&A

Horizon Nuclear Power acquired by Hitachi for £696 million

Hitachi to build 6 GigaWatt of nuclear power in UK

by Gerhard Fasol

E.ON and RWE to withdraw, Chinese consortium lost bid

In tune with Germany’s “Energiewende”, E.ON and RWE npower decided to sell Horizon Nuclear Power.

On October 29, 2012 Hitachi Ltd (株式会社日立製作所) announced the agreement to acquire Horizon Nuclear Power for £696 million (approx. US$ 1 billion), and the purchase was completed on November 26, 2012.

One of the bidders was a joint venture between China Guangdong Nuclear Power Group and China National Nuclear Corporation, however dropped out of the competition.

Engineering, Procurement and Construction (EPC) will reportedly be undertaken by a joint venture of Hitachi Ltd (株式会社日立製作所), Babcock, Rolls-Royce, and SNC-Lavalin Group.

UK is planning to invest £110 billion to replace existing nuclear power stations with modern designs.

Horizon Nuclear Power

Horizon Nuclear Power was founded in 2009 as a joint venture between E.ON and RWE npower with the plan to build a nuclear power station with 6 GigaWatt capacity on a site close to the Oldbury and Wylfa nuclear power stations.

Wylfa nuclear power station is located near Wylfa Newydd (Isle of Anglesey) and can be found here on Google-Maps.

Oldbury nuclear power station is located about 23 miles from Bristol (UK), Oldbury (South Gloucestershire, on the banks of the Severn Estuary), and can be found here on Google-Maps.

Horizon Nuclear Power plans:

  • Wylfa Newydd (Isle of Anglesey): two Advanced Boiling Water Reactors (WBWRs) planned delivering 2.7 GigaWatt
  • Oldbury (South Gloucestershire): 2.7 GigaWatt planned

Hitachi Ltd (株式会社日立製作所)

Hitachi Ltd (株式会社日立製作所) aims to grow its nuclear business to YEN 360 billion/year (approx US$ 3 billion) by 2021.

Japan electronics industries – mono zukuri.

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Energy FDI Japanese investments in EU M&A Science & Technology

Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan (INCJ)

Landis+Gyr to become “independent growth platform” within the Toshiba Group for smart meters and smart grid

by Gerhard Fasol

Landis+Gyr acquired by Toshiba (60%) and Innovation Network Corporation of Japan (40%) for US$ 2.3 billion

Landis+Gyr acquired by Toshiba and The Innovation Network Corporation of Japan: this acquisition was finalized with a shareholder’s and share purchase agreement between Toshiba and INCJ and Landis+Gyr, announced on 25 July 2011.

Initially, on 19 May 2011, Toshiba had announced the 100% acquisition of Landis+Gyr by Toshiba alone for US$ 2.3 billion including assumption of debt. Apparently, The Innovation Network Corporation of Japan entered this partnership sometime between May and July 2011 as an additional investor.

Toshiba established a Special Purpose Vehicle (SPV):

  • Toshiba invests: US$ 1.02 billion corresponding to 60% of equity
  • INCJ invests: US$ 0.680 billion corresponding to 40% of equity

In addition, Toshiba assumed Landis+Gyr’s net debt of US$ 600 million, thus the total cost to Toshiba is:

  • 60% equity in SPV: US$ 1.02 billion
  • assumption of Landis+Gyr net debt: US$ 0.6 billion
  • total acquisition cost to Toshiba: US$ 1.62 billion

The Innovation Network Corporation of Japan (INCJ) invested US$ 680 million into this SVP, acquiring 40% of the SVP’s equity.

Landis+Gyr – “manage energy better”

Landis+Gyr was founded in 1896 as Elektrotechnisches Institut Theiler & Co in Zug, Switzerland by Richard Theiler. In 1904, Richard Theiler appointed the engineer Heinrich Landis as his successor. Heinrich Landis partnered with Dr. Karl Heinrich Gyr in 1905, and the company changed its name to Landis & Gyr in 1905.

In 1998 Landis & Gyr was acquired by Siemens, and then again spun out in 2002 with the new version of the company name: Landis+Gyr.

Landis+Gyr produces smart meters, smart grid equipment and related technology and services, with the mission to “manage energy better”.

Landis+Gyr’s customers are mainly energy, gas and electricity utility companies throughout the world for their smart meter and smart grid networks.

The Innovation Network Corporation of Japan (INCJ)

The Innovation Network Corporation of Japan (INCJ) is an investment fund established on 27 July 2009 as a public-private partnership between the Japanese Government and 26 major Japanese corporations temporarily for 15 years.

Investment capability:

  • Capitalization: YEN 300 billion (=approx US$ 3 billion)
    • Japanese Government: YEN 286 billion
    • 26 corporations: YEN 14 billion
  • Japanese Government guarantees: YEN 1800 billion (=approx US$ 18 billion)
  • Total investment capability: YEN 2100 billion (=approx US$ 21 billion)

INCJ has made a range of investments, the largest investment (YEN 200 billion = approx. US$ 2 billion) is in Japan Display.

In addition to the Japanese Government, 26 investors (total YEN 14 billion) are:

  • Asahi Kasei Corporation
  • Canon Inc.
  • Osaka Gas Co., Ltd.
  • Sharp Corporation
  • The Shoko Chukin Bank, Ltd.
  • Sumitomo Chemical Co., Ltd.
  • Sumitomo Corporation
  • Sumitomo Electric Industries, Ltd.
  • Sony Corporation
  • Takeda Pharmaceutical Company Limited
  • Toshiba Corporation
  • TOYOTA MOTOR CORPORATION
  • JGC Corporation
  • Development Bank of Japan Inc.
  • Panasonic Corporation
  • East Japan Railway Company
  • Hitachi, Ltd.
  • Marubeni Corporation
  • Mizuho Bank, Ltd.
  • Sumitomo Mitsui Banking Corporation
  • Mitsubishi Chemical Holdings Corporation
  • Mitsubishi Heavy Industries, Ltd.
  • Mitsubishi Corporation
  • The Bank of Tokyo-Mitsubishi UFJ, Ltd.
  • GE Japan Corporation
  • JX Nippon Oil & Energy Corporation

Toshiba

Toshiba is one of Japan’s eight top electronics group, which we analyze in our report “Japan’s electronics industries: mono zukuri

Japan electronics industries – mono zukuri.

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Japanese investments in EU M&A Renewable energy

Hitachi Zosen acquires Energy-from-Waste (EfW) engineering firm AE&E Inova AG in Zürich, to become Hitachi Zosen Inova AG (HZI AG)

by Gerhard Fasol

Waste is our energy! Energy-from-Waste (EfW)

Hitachi Zosen acquires former Von Roll Inova to form Hitachi Zosen Inova AG

AE&E Inova Holding AG filed for bankruptcy on December 3, 2010, and Hitachi Zosen Corporation (日立造船株式会社) acquired 100% of the shares of AE&E Inova Holding AG in Zurich with approval of the bankruptcy court, and the acquisition became final on December 20, 2010.

Subsequently AE&E Inova Holding AG was renamed Hitachi Zosen Inova AG or abbreviated, HZI AG.

Hitachi Zosen Inova AG history

Inova was originally a department of the company “Gesellschaft der Ludwig von Roll’schen Eisenwerke” founded in 1823, the purpose was thermal waste treatment. Inova was founded in 1933 as “L. von Roll Bamag AG”.

In 1960, Von Roll expanded to Germany and Japan, and in 1966 to France and Sweden, and 1975 to USA. Von Roll Environmental Technology Ltd was known as “Von Roll Inova Group”.

In 2003, Von Roll Inova Group was acquired by the AE&E Group (Austrian Energy & Environment Group), a subsidiary representing about 40% of A-Tec Industries AG (http://www.atec-industries.com/). Both AE&E Group and A-Tec Industries AG went into bankruptcy proceedings. An overview of the complex bankruptcy and reconstruction proceedings can be found on the A-Tec Industries Wikipedia-page.

AE&E Inova Holding AG filed for bankruptcy on December 3, 2010, and was acquired by Hitachi Zosen Corporation as of December 20, 2010.

Japan electronics industries – mono zukuri.

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