Mitsubishi Electric expands North American power footprint following revenue growth
Japanese firm Mitsubishi Electric reported a 20 percent revenue rise in its utility business as it pursues acquisitions to expand in North American power markets.
FTMQ Climate, written by our newsroom0 views
Mitsubishi Electric reported a 20 percent year over year revenue increase in its utility facing business segment, Utility Dive reported on Friday. The Japanese firm is expanding its exposure to North American wholesale power markets through software acquisitions and a new joint venture. [1]
The company announced on 20 August that it will spend 1.4 billion dollars to acquire PCI Energy Solutions, Utility Dive reported. PCI Energy Solutions operates a software platform that manages approximately 60 percent of power generation in the United States, supporting utilities and independent power producers. [1]
Alongside the acquisition, Mitsubishi Electric is preparing to launch an electrical components joint venture with industrial firm ABB, Utility Dive reported. Headquartered in Tokyo, Mitsubishi Electric was established in 1921 as a spin-off from Mitsubishi Shipbuilding and operates in power systems and industrial automation. [1][2][4]
In short
- Mitsubishi Electric reported a 20 percent year over year revenue increase in its utility business.
- The company plans to spend 1.4 billion dollars to acquire PCI Energy Solutions.
- PCI Energy Solutions manages about 60 percent of United States power generation.
- Mitsubishi Electric is forming an electrical components joint venture with ABB.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Mitsubishi Electric seeks to expand North American grid footholdUtility Dive, 1d ago (the report this story comes from)
Background
- [2]Mitsubishi Electric on Wikipedia
- [3]North America on Wikipedia
- [4]Mitsubishi Electric on Grokipedia
- [5]Janus Electric and Electrovaya partner on electric truck conversions FTMQ Climate, 1d ago
Our newsroom writes these reports with the help of software, from the 5 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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