Mitsubishi, 2 Other Firms to Set Up Fuel Cell Investmnt Fund
January 28, 2002 (TOKYO) -- Mitsubishi Corp. will
set up in March an investment fund specializing in
fuel-cell technology, along with the world's largest
catalyst maker Johnson Matthey Plc of the U.K. and a
Dutch subsidiary of the Royal Dutch/Shell Group,
sources close to the deal said Sunday.
The fund is expected to eventually reach 100 million
dollars, or 13.5 billion yen, becoming the world's
largest fund investing in fuel-cell and
hydrogen-related technologies.
The fund will be based in London, with Mitsubishi,
Johnson Matthey and Shell Hydrogen all contributing
equal amounts.
Schroder Salomon Smith Barney's fund manager, who
worked in its energy and fuel cell division, will
manage the fund.
Investments will target companies with technologies
ready for commercialization and those preparing to
go public, with 1-10 million dollars allocated per
project.
Fuel cells, which generate power using hydrogen and
oxygen, are under development as clean energy
sources that do not emit carbon gas or other types
of pollution, for possible use in automobiles and
generators.
According to Mitsubishi, the global fuel cell market
is currently worth about 218 million dollars, and is
expected to expand to 2.4 billion dollars in 2004.
(The Nihon Keizai Shimbun)
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