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Mitsubishi Corp. will collaborate with Shell PLC in producing 400,000 tons of green hydrogen annually by 2030 via the development of major offshore wind farms in Europe.
Since green hydrogen is a type of renewable energy that does not produce carbon dioxide, it helps accelerate the global push toward decarbonization.
Hydrogen is used in heaters and fertilizers, and there have been recent efforts to utilize it as a fuel.
According to the sources, Mitsubishi, through its subsidiary Eneco Groep N.V., is looking to invest 10% in a company that will be financed by Shell and Norwegian energy corporation Equinor ASA, among others.
The plan calls for the construction of offshore wind farms in the Netherlands that can generate roughly 4 million kilowatts of electricity. The generated energy will be used to produce hydrogen, to create a million tons per year by 2040.
