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Kyushu Electric companies acquiring Thermochem, Inc and Indonesian subsidiary

Kyuden Group executed share purchase agreement for acquisition of Thermochem (source: Thermochem, Inc.)
Alexander Richter 2 Jun 2020

Through an execution of a share purchase agreement, Kyuden International and West JEC, both companies of Japanese Kyushu Electric Power Company have acquired 100% of geothermal service provider Thermochem, Inc. and its Indonesian subsidiary.

In a release today, geothermal service provider Thermochem, Inc. announced that Kyuden International Corporation (KIC) and West Japan Engineering Consultants, Inc., (West JEC) both companies of the Kyushu Electric Power Company (Kyuden) Group, have executed a share purchase agreement for the 100% acquisition of Thermochem, Inc., and PT. Thermochem Indonesia (Thermochem).

Since its establishment 70 years ago, Kyushu Electric Power Company has developed world-class technological expertise in power generation projects through advanced-level technological development challenges. Kyushu Electric Power Company is the fourth largest electric utility in Japan and the largest geothermal developer and generator in Japan. KIC, as an international business arm of the Kyuden Group, inherits this expertise and experience, and uses it to assertively develop energy industries throughout Asia and around the world. KIC is able to support and adapt to the needs of each project, from initial planning, through construction and long-term operation and management.

West JEC is also part of the Kyuden Group. West JEC was founded in 1967 and offers engineering consulting services, specializing in integrated engineering for power generation and infrastructure development projects. West JEC is an established leader in geothermal resource assessment, geosciences, reservoir engineering and power plant engineering. In addition to geothermal energy integrated services in Japan and overseas, West JEC provides services for every aspect of electrical generation including nuclear power, plus transmission lines and other infrastructure projects in Japan.

The Thermochem companies, based in the United States of America and Indonesia, have provided technological expertise to the geothermal energy industry for over 30 years. Thermochem provides sophisticated technical services and products related to the geothermal industry, including research, development, and the manufacture of specialized equipment, in addition to laboratory and consulting services. Thermochem has gained a top reputation among geothermal developers and operators around the world because of their innovation and advanced technical capabilities. Thermochem has made significant contributions to the development and operation of the Sarulla geothermal IPP project in Indonesia (rated capacity 330 MW), one of the largest geothermal IPP projects in the world, of which the Kyuden Group is a major participant.

Thermochem will maintain independent management and will continue serving all clients around the world from their current facilities in the USA and Indonesia, with the same administrative, technical, engineering, field service and laboratory staff. This acquisition will serve the purpose of expanding the presence of the Kyuden Group in the international geothermal power generation business, and together through synergy, the companies will dramatically increase their individual impact and contributions to the geothermal energy industry.

Under the Kyuden Group Management Vision 2030, the Kyuden Group goal is to contribute to a sustainable world through equity ownership in 5,000 MW of overseas power generation projects by 2030.

Source: Company release by email