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MITSUBISHI HEAVY INDUSTRIES, LTD.

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RWE plans to bring Australian 'green' hydrogen to Europe

04/15/2021 | 05:07am EDT
FILE PHOTO: The headquarters of the German power supplier RWE, which plans to break up subsidiary Innogy and share its assets with rival E.ON, is pictured in Essen

BERLIN/FRANKFURT (Reuters) - Germany's RWE plans to bring hydrogen produced in Australia to Europe, as big energy firms look to create new global routes for the cleaner alternative to fossil fuels.

RWE Supply & Trading said on Thursday it had signed a memorandum of understanding with Australia's The Hydrogen Utility Pty Ltd (H2U). Timing and financial details were not disclosed.

Hydrogen is considered "green" when produced from renewable power such as wind or sunshine through electrolysis.

The European Union is promoting its use as an alternative to coal and gas-derived hydrogen, and also as a substitute for oil and gas products in manufacturing, heating and transport.

RWE said a planned liquefied natural gas (LNG) terminal in Brunsbuettel, on Germany's North Sea coast, could potentially handle future imports of H2U's green hydrogen.

German rival Uniper said on Wednesday it was considering converting its coal-fired power plant at Wilhelmshaven, also on the North Sea, into a hydrogen hub.

LNG projects in Germany have not taken off because the region is well supplied with pipeline gas from Russia and Norway.

The advent of green hydrogen - supported by Germany with a 9 billion euros ($10.8 billion) programme agreed last summer - could perhaps leapfrog LNG ambitions.

"As a globally active trader of commodities, we have a lot of experience with shipping energy carriers - including Australian LNG - around the globe and see ourselves as a facilitator for global hydrogen trading," said Javier Moret, global head of LNG at RWE Supply & Trading.

H2U, in which Japan's Mitsubishi has invested money, is active in Australia and New Zealand. In southern Australia, it is working on a 75-megawatt (MW) electrolysis plant called the Eyre Peninsula Gateway Project.

This could supply 40,000 tonnes a year of ammonia, a carrier gas for hydrogen.

($1 = 0.8347 euros)

(Reporting by Vera Eckert, writing by Madeline Chambers and Vera Eckert, editing by Kirsti Knolle and Mark Potter)

By Vera Eckert


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.08% 73 Delayed Quote.43.56%
MITSUBISHI CORPORATION -0.29% 3060 End-of-day quote.20.43%
MITSUBISHI HEAVY INDUSTRIES, LTD. 2.11% 3429 End-of-day quote.8.65%
RWE AG -1.74% 31 Delayed Quote.-8.74%
UNIPER SE -0.36% 30.13 Delayed Quote.7.08%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.36% 72.186 Delayed Quote.-2.16%
WTI -0.73% 70.998 Delayed Quote.50.22%
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Financials
Sales 2021 3 671 B 33 275 M 33 275 M
Net income 2021 19 100 M 173 M 173 M
Net Debt 2021 1 260 B 11 426 M 11 426 M
P/E ratio 2021 57,2x
Yield 2021 2,19%
Capitalization 1 153 B 10 448 M 10 449 M
EV / Sales 2021 0,66x
EV / Sales 2022 0,55x
Nbr of Employees 81 631
Free-Float 91,4%
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Number of Analysts 10
Average target price 3 792,00 JPY
Last Close Price 3 429,00 JPY
Spread / Highest target 35,6%
Spread / Average Target 10,6%
Spread / Lowest Target -9,59%
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Managers and Directors
NameTitle
Seiji Izumisawa President, CEO, Director & Chief Strategy Officer
Hisato Kozawa CFO & Representative Director
Shunichi Miyanaga Chairman
Eisaku Ito CTO & Managing Executive Officer
Christina L Ahmadjian Independent Outside Director
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