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Three firms to form joint venture for geothermal study at Akita, Japan

Three firms to form joint venture for geothermal study at Akita, Japan Magoroku Hot Spring, Akita, Japan (source: flickr/TED_KANAKUBO, creative commons)
Alexander Richter 13 Apr 2010

Electric Power Development Co., known as J-Power, Mitsubishi Materials Corp. and Mitsubishi Gas Chemical Co. have set up a joint venture to study feasibility of geothermal power generation in Yuzawa, Akita Prefecture.

In news from Japan, “Electric Power Development Co., known as J-Power, Mitsubishi Materials Corp. and Mitsubishi Gas Chemical Co. say they have set up a joint venture to study feasibility of geothermal power generation in Yuzawa, Akita Prefecture.

The joint venture is capitalized at 176.5 million yen (US$1.9 million), half of which is provided by J-Power. Mitsubishi Materials and Mitsubishi Gas Chemical have a stake of 30 percent and 20 percent, respectively.

J-Power and Mitsubishi Materials had been conducting a survey into resources for geothermal development by using a well of New Energy and Industrial Technology Development Organization, or NEDO, in Yuzawa’s Wasabizawa area.

In the joint venture, Mitsubishi Gas Chemical joined the two firms to continue the survey in the Wasabizawa area and its neighboring Akinomiya area.”

Source: AP news via oregonlive