A new deal between Mitsubishi Electric and Shanghai Electric is focused on growing energy saving systems.
Mitsubishi Electric Automation (China) Limited and Mitsubishi Electric (China) Company Ltd. have entered into a joint venture agreement with Shanghai Electric Environmental Protection Investment Company Ltd., a wholly-owned subsidiary of Shanghai Electric Group Company Limited. The registered capital will amount to CNY34 million, and the two Mitsubishi companies will together give CNY16.66 million in cash for 49% equity interest.
The primary objective of the joint venture, based in Shanghai, is environmental protection through the development, design, integration and production of industrial energy saving systems. The JV is tentatively named Shanghai Electric Ryoden Energy Saving and Control Technology Company Ltd., subject to approval by the industrial and commercial registration authorities.
Mitsubishi Electric Corporation's decision to collaborate with Shanghai Electric Group Company Limited, its Chinese partner in the elevator business, is designed to reinforce its operations in the industrial energy saving business in China.