MHI Global

Based on the FY2024-2026 Medium-Term Business Plan (MTBP) released in May and which builds on the record FY2023 financial results, MHI is back in growth mode. Over the next three years, MHI expects revenues to increase by at least 20% to ¥5.7 trillion, with business profit rising at least 60% to ¥450 billion. Our return on equity will continue to improve, reaching a minimum of 12%. After recovering from several tough years at the start of this decade and strengthening MHI’s financial and operational foundations, we are set to deliver a growth ‘boost’ to stakeholders. MTBP: MHI’s Strategic Roadmap Before detailing the sources of this growth, it is important to understand the significance of the MTBP to an organisation like MHI. Put simply, it is our strategic roadmap. Senior management is guided by it and treats the financial targets as commitments. We use it to inform investors and financial analysts that…

As an efficient way to provide heating and hot water for homes and businesses, it’s no surprise that heat pumps are billed as a central technology in the global transition to secure and sustainable heating. Switching to heat pumps globally could eliminate 500 million tonnes of emissions in 2030, according to the International Energy Agency (IEA). Heat pumps can also produce around four times more energy than they take in and run on electricity generated through sustainable sources such as solar, wind or nuclear. In addition to helping governments, businesses and homeowners meet their environmental goals, heat pumps provide long-term savings and help protect homes and commercial buildings against unpredictable energy costs and taxes. The need for accelerated growth Globally, heat pump sales are seeing double-digit growth, but that is not enough: heat pump sales will need to increase by well over 15% annually over the coming years if the world wants to continue on…

Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, received the 51st (2023) Technology Award (Note1) from the Japan Society of Refrigerating and Air Conditioning Engineers (JSRAE) for its e-3D scroll compressor, a large-capacity, high-efficiency scroll compressor equipped with the e-3D scroll featuring a proprietary, advanced 3D compression structure. The award was presented in recognition of how the development of e-3D scroll provides a substantial improvement in efficiency while maintaining the same large capacity. The e-3D scroll compressor recognised with this award is a more advanced version of the 3D scroll compressor, the large-capacity 3D compression structure originally developed in 2005. The shape of the scroll has been changed from a stepped style used in the previous model to a smooth slope shape, further increasing the efficiency of the 3D compression structure. This change in shape significantly reduces the leakage of refrigerant…

With its product-led customer-focused strategy, MHIAE consistently brings best-in-class HP systems to the market. The company incorporates customer feedback into its solution development roadmap to maximize short-term growth opportunities while providing a path to future revenues. To this end, MHIAE leverages its extensive distribution networks (including MHI Group’s over 50 year-collaboration with Stulz GmbH Germany and MHIAE’s 2018 Joint Venture with Beijer Ref group in the UK) to gather insights into local customer needs. The company’s regional technical teams collaborate with the MHI Group’s research and development headquarters in Japan to utilize customer insights to inform and direct its ongoing product development efforts. As a result, MHIAE successfully delivers solutions customized to local preferences and specific customer needs. In addition, the company utilizes distributor networks to offer excellent after-sales service for its HP systems, ensuring optimal customer experience over the product’s lifetime. Furthermore, MHIAE addresses the market’s trained staffing shortage…

Mitsubishi Heavy Industries, Ltd. (MHI) will have an exhibit at the Japan Pavilion, an official event booth during the 26th UN Climate Change Conference (COP26)(Note1) taking place in Glasgow, United Kingdom. This event, held from Sunday, October 31 to Friday, November 12, will present Japan’s cutting-edge environmental technologies to the world. MHI will display models of its hydrogen gas turbine technologies for decarbonization of thermal power generation, and introduce its measures to establish a CO2 ecosystem, along with CO2 capture technologies. Hydrogen gas turbines are a cutting-edge, clean power generation technology that promotes the decarbonization of energy to achieve a hydrogen society, and contributes to the conservation of the global environment. Mitsubishi Power, a power solutions brand of MHI is drawing on its technologies for large frame gas turbines, which have demonstrated world-class efficiency and reliability, to develop hydrogen combustion technologies. Utilizing its extensive track record and experience, acquired over half a…

Three MHI Group companies have concluded an agreement with Applus+ IDIADA (IDIADA), a Spain-based multinational company that performs engineering, testing and homologation for the automotive industry, on joint development of a testing and verification system for highly automated vehicles. IDIADA has an abundant track record in vehicle development, testing and homologation for automakers in Europe, and is contributing to the formulation of international standards in these areas. Today, development of automated driving systems is vigorously underway worldwide, and in the years ahead, dramatic capability improvements and increasing adoption of such systems are anticipated. To ensure their safe and secure operation, it must be verified that sensors and systems will function normally under the diverse natural environments that highly automated vehicles will encounter; moreover, needs are expected to increase in the coming years for testing under all possible weather conditions. In response, three MHI Group companies and IDIADA will jointly develop…

Mitsubishi Heavy Industries Thermal Systems, Ltd. has started mass production of the ‘KXZ3 Series’ of building-use multi-split air-conditioners for its worldwide markets. The newly added lineup, which adopts the R32 refrigerant, is available in three models: 22.4, 28.0 and 33.5kW. By combining individual units, a maximum of 100.05kW can be achieved to accommodate a wide range of needs. The new series will be launched in the European market this summer, to be followed by successive launches in Australia, New Zealand and Turkey. The KXZ3 Series helps mitigate environmental impacts through the adoption of the R32 refrigerant having a Global Warming Potential (Note 1) of 675, which is roughly one-third the level of the R410A refrigerant (GWP 2090) used in earlier models. The new series also improves energy savings by nearly 18% in Seasonal Energy Efficiency Ratio (Note2), an indicator of an air-conditioner’s energy efficiency. Its efficiency enhancement is owed to…

In 2020, MHI Group identified five material issues in response to the growing need to address the global challenge of climate change. This included providing energy solutions to enable a carbon-neutral world to contribute to solving societal issues and ensuring continued medium and long-term growth. In the 2021 Medium-Term Business Plan, MHI Group specified Energy Transition as a growth area, aiming to achieve decarbonisation in the energy supply side, and Smart Infrastructure, supporting decarbonisation, energy efficiency, and labour savings in the energy demand side. By decarbonising both the generation and use of energy, MHI Group is contributing to achieving Net Zero carbon emissions by 2040 and realising a carbon-neutral world. In concluding this agreement, SuMi TRUST Bank conducted a Positive Impact Evaluation. The following themes were selected from the MHI Group’s materiality issues and other topics as activities that contribute to achieving the UN SDGs (Sustainable Development Goals). For this…

Mitsubishi Heavy Industries Thermal Systems, Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, will launch 31 new models of residential-use air-conditioners for the Japanese market in 2024. The new models in five series will be released starting April 1. The 2024 lineup comprises nine models in the Company’s top-of-the-line S Series, featuring outstanding energy efficiency, functions for comfort and cleanliness, and a high Annual Performance Factor (APF), four models in the SK Series with enhanced heating capacity for use in cold regions, six models in the high-performance R Series incorporating an automatic filter cleaning function, seven models in the standard T Series, and five models in the TWF Series of T Series models with smartphone control functionality included as standard. Together these new models provide comfortable living spaces for diverse lifestyles. Using Ions and Ozone to Provide Comfort and Cleanliness A Comfortable Environment Provided by Two Types of Sensors…