Mitsubishi Heavy Industries places bet on Japanese clean fuels production start-up

Japan’s Mitsubishi Heavy Industries (MHI) has opted to invest in iPEACE223, a compatriot start-up company focused on engineering the technology needed for the production of carbon-neutral, clean fuel from bioethanol.

Through its investment in the Tokyo-headquartered venture, MHI stated that it would seek to speed up the development of clean energy-related technological solutions and support efforts that can make way toward decarbonization.

According to Mitsubishi Heavy Industries, the solutions that iPEACE223 is developing rely on renewable resources, aiming to transition away from fossil fuels that emit large volumes of carbon dioxide (CO2). Specifically, the company uses zeolite (a porous mineral), i.e., zeolite catalyst technology to provide green fuels and chemicals from bioethanol, aiming to accomplish carbon neutrality.

As explained, ethylene produced by catalytic dehydration of ethanol can be converted to propylene through an ETP (ethylene to propylene) process, which is said to result in a “continuous and stable” production of bio-propylene as well as of a liquefied petroleum gas (LPG) alternative.

Per MHI, through strategic investments like these, the company seeks to support the manufacturing and adoption of new technologies as well as energy/fuel sources that can decarbonize industries and societies. The company’s subsidiaries have also shown interest in investing in ventures as a means of aiding the maritime sector’s (as well as others’) climate neutrality targets.

In the past few years, the company has invested in a couple of clean fuel production players. These include two companies involved in the hydrogen sector; namely, in 2021, Mitsubishi Heavy Industries placed its bets on C-Zero, a US-based hard tech startup focused on manufacturing hydrogen and ammonia, while avoiding emitting CO2, while in June 2022, MHI invested in a US clean hydrogen start-up, EH2.

Beyond fuel technology, in March 2022, Mitsubishi Shipbuilding, an arm of MHI, invested in Tokyo-based Marindows, a software venture that seeks to offer digital solutions for the maritime industry.

In other recent company news, Mitsubishi Heavy Industries and Imabari Shipbuilding, one of the biggest shipbuilding players in Japan, decided to rename their joint venture at the end of December last year.

As informed, the MI LNG Company, which used to focus on liquefied natural gas (LNG) carriers, had expanded its portfolio into more vessel segments, making it ‘necessary’ to rebrand. The venture’s name was changed to Marine-design Initiative for Leading Edge Solution (MILES). The decision has been effective as of January 1, 2025.