Mitsubishi Power Retains Citi as Strategic Financial Advisor to Help Expand Hydrogen Infrastructure across North America

• Citigroup Global Markets Inc. (“Citi”) named as Strategic Financial Advisor for hydrogen infrastructure
• Citi to provide guidance and advice as Mitsubishi Power expands its industry-leading portfolio of clean hydrogen projects and off-takers

Mitsubishi Power Americas (Mitsubishi Power) has retained Citigroup Global Markets Inc. (“Citi”) as its Strategic Financial Advisor (SFA) to explore growth financing options to expand hydrogen infrastructure across North America. During recent years, Mitsubishi Power has emerged as the hydrogen infrastructure leader in North America, working with partners to develop hydrogen infrastructure projects.

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Hydrogen Hub Projects and Partnerships

Mitsubishi Power’s current partnerships for large-scale hydrogen production, energy storage and transportation include

• North America’s largest green energy storage project: Advanced Clean Energy Storage, a partnership with Magnum Development in Delta, Utah, to create a green hydrogen hub that will eventually provide pipeline connectivity throughout the Western Interconnect of North America. The project will produce renewable hydrogen, store it in vast underground salt dome caverns, and dispatch it as a clean fuel for power generation, transportation and industrial applications.
• North America’s largest blue hydrogen project: A joint development agreement with Bakken Energy to create a hydrogen hub in North Dakota comprising facilities that produce, store, transport and consume blue hydrogen. The hub will be connected by pipeline to other hydrogen hubs being developed throughout North America.
• A strategic partnership agreement with Texas Brine that provides salt dome rights that position Mitsubishi Power to develop green or blue hydrogen hubs in New York, Virginia, Louisiana and Texas.

Joint Development Projects and Hydrogen Off-takers

Mitsubishi Power will also use Citi for guidance as it extends its web of joint development projects and partnerships with hydrogen off-takers. Mitsubishi Power has already secured several joint development agreements (JDAs), gas turbine orders for power projects with hydrogen capabilities, and off-taker agreements.

Current projects and partnerships include

• JDAs with Entergy in the Gulf Coast and with Puget Sound Energy in the Pacific Northwest to develop strategies and projects to assist the utilities in meeting their carbon reduction goals
• Hydrogen gas turbine orders, now secured and released for manufacturing, with the Intermountain Power Authority in Utah and Capital Power in Alberta, Canada
• Off-taker agreements in unregulated U.S. power markets with independent power producers
  • Agate Power’s Danskammer project in New York
  • Balico’s Chickahominy project in Virginia
  • Advanced Power / Emberclear’s Harrison project in Ohio

Stephen Trauber, Vice Chairman & Global Co-Head of Natural Resources & Clean Energy Transition, Citi, said, “Mitsubishi Power has a strong North American clean hydrogen project portfolio and a clear vision to connect the continent to decarbonize the power generation, transportation and industrial sectors. We look forward to helping them model the trajectory to clean hydrogen. We will leverage our expertise in assisting clients in traditionally carbon-intensive industries to help Mitsubishi Power explore their options to attract and deploy capital from investment partners.”

Paul Browning, President and CEO of Mitsubishi Power Americas, said, “For several years, we’ve been working with early adopters of green and blue hydrogen that have advantaged access to existing hydrogen infrastructure, such as the Intermountain Power Agency, Magnum Development, Bakken Energy, and Entergy’s Orange County Advanced Clean Power Station. Now we plan to build off of these early adopter projects to build a hydrogen hub-and-spoke infrastructure that spans North America and makes clean, affordable hydrogen widely available. Strategic financial advice from Citi will enable us to attract strategic and financial partners who share our vision. With our customers and partners, we are creating a Change in Power.”

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,200 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

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“Mitsubishi Power has a strong North American clean hydrogen project portfolio and a clear vision to connect the continent to decarbonize the power generation, transportation and industrial sectors.”—Stephen Trauber, Citigroup Global Markets Inc.