Business ExpandingSiemens Energy K.K. selected for Green Innovation Fund project

Siemens Energy K.K., Toray Industries, Inc., Yamanashi Prefectural Enterprise Bureau, Tokyo Electric Power Company Holdings, Inc., TEPCO Energy Partner, Inc., Hitachi Zosen Corporation, Miura Co., Ltd., and Kaji Technology Corporation jointly applied for and adopted by the Green Innovation Fund project, "Hydrogen Production Project by Water Electrolysis Using Electricity Derived from Renewable Energy and Other Sources," of the Ministry of Economy, Trade and Industry and the New Energy and Industrial Technology Development Organization (NEDO). Among these eight companies, Siemens Energy is the only foreign-affiliated company.

They plan to jointly promote the technological development, construction, and demonstration of a PEM-type water electrolyzer*, which converts electricity from mega (large-scale) solar power plants into hydrogen energy safely and securely, at the Yonekurayama Electric Power Storage Technology Research Site in Kofu City, Yamanashi Prefecture. The equipment is in the 10 megawatt class and it is one of the largest electrolyzers in Japan.

The government has launched the Green Innovation Fund project to accelerate the current initiatives, such as the structural and demand transformation in the energy and industrial sectors and innovation through bold investment, in order to achieve the goal of "Carbon Neutrality by 2050." A fund of 2 trillion yen fund will be established in NEDO, and after sharing ambitious and specific goals between the public and private sectors, continuous support will be provided for 10 years to companies and organizations that address these goals as business challenges, from R&D/demonstration to social implementation.

Siemens Energy (headquartered in Munich, Bavaria, Germany) is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain-from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 91,000 people worldwide in more than 90 countries and generated revenue of around €28.5 billion in fiscal year 2021.