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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Marubeni Corporation    8002   JP3877600001

MARUBENI CORPORATION

(8002)
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Marubeni : MOU to Establish a Hydrogen-Based Society Concluded between Marubeni and the Abu Dhabi Department of Energy of the United Arab Emirates

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01/21/2020 | 10:21am EST

On January 15th, 2020, Marubeni Corporation (hereinafter, 'Marubeni') signed a Memorandum of Understanding (hereinafter, 'MOU') with the Abu Dhabi Department of Energy of the United Arab Emirates (hereinafter, 'DoE').

This MOU is an agreement that both parties will collaborate in establishing a hydrogen-based society and pursuing the efficient use of water and electricity. The MOU will also provide for the exploration of whether or not potential hydrogen production that utilizes renewable energy is technically and commercially viable. Under the MOU, both parties will jointly implement research, development, and proofs of concept, as well as share their respective expertise and know-how in the areas of renewable energy, hydrogen production, supply and distribution.

Many renewable energy sources, such as photovoltaic solar generation, do not generate a reliable volume of power because they are dependent on climate and other conditions which often fluctuate. It is for this reason that hydrogen, which can be used as temporary energy to provide a stable supply of electricity, is currently drawing a lot of attention. Hydrogen is also an effective energy in reducing global warming, as it can be efficiently utilized without emitting carbon dioxide when combusted. The creation of a hydrogen supply chain, which would reduce carbon dioxide emissions, is therefore highly sought after.

The Abu Dhabi Department of Energy (DoE) was established in February 2018 to drive the future direction and provisioning of the emirate's energy sector in all its forms and to create an efficient system that enables economic growth, energy security and sustainable development. DoE's mandate includes enacting policies and regulations and developing strategies to ensure an effective energy transition that underpins Abu Dhabi's sustainable growth, all while protecting consumers and the environment.

Marubeni, as a leading developer and operator of international I(W)PPs, has ownership interests in and operates five projects in the United Arab Emirates, including the Sweihan PV Solar IPP, which has an installation capacity of 1,177MW. In this way, Marubeni has been contributing to the development and growth of the power sector in the United Arab Emirates and Abu Dhabi.

The MOU concluded between Marubeni and the DoE is based upon the excellent and long-standing relationship between both parties, as well as the DoE's appraisal of Marubeni's outstanding track record, its experience participating in a number of proof-of-concepts, and its expertise in research, development and demonstration in the area of hydrogen supply chains.

Marubeni has prioritized climate change as one of its most important areas of focus in the context of sustainability for the environment and society.

Moving forward, Marubeni will continue to explore and expand renewable energy that is safe and reliable, leverage its vast experience gained through work on various power projects, and contribute to the materialization of a low-carbon society through the effective use of hydrogen.

Contact:

Tel: [81] (3) 3282-2111

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (JPY)
Sales 2020 6 880 B
EBIT 2020 152 B
Net income 2020 196 B
Debt 2020 1 915 B
Yield 2020 4,73%
P/E ratio 2020 6,66x
P/E ratio 2021 5,43x
EV / Sales2020 0,47x
EV / Sales2021 0,40x
Capitalization 1 293 B
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 829,29  JPY
Last Close Price 745,00  JPY
Spread / Highest target 20,8%
Spread / Average Target 11,3%
Spread / Lowest Target 3,36%
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Masumi Kakinoki President, CEO & Representative Director
Fumiya Kokubu Chairman
Nobuhiro Yabe Chief Financial Officer & Representative Director
Yukihiko Matsumura Representative Director & Executive Vice President
Takao Kitabata Independent Outside Director
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