Mitsubishi Corporation (MC) is pleased to announce its decision to invest in NEoT Offgrid Africa (NOA), an investment platform focused on developing distributed renewable energy projects in Africa. MC's aim in joining this initiative, together with Electricite de France (EDF), is to promote new businesses that use batteries to bring power to areas without access to electricity ("off-grid areas") in Africa.

NOA is a joint venture that promotes distributed renewable energy projects in Africa. As a first step, NOA is developing its business around the provision of solutions such as power sources (solar power generation systems and storage batteries) and household appliances (lighting fixtures, radios, TVs, etc.) to households in off-grid areas in Africa.

In Africa, more than 600 million people live in areas without transmission and distribution networks, where kerosene lamps are used for lighting. Generating and storing electricity with solar panels and storage batteries enables households in these off-grid areas to use electric appliances they would not otherwise be able to use such as lighting fixtures, mobile phone chargers, radios and TVs. Through the supply of affordable and clean power sources, we contribute to improving quality of life while at the same time helping to reduce environmental impact.

Through NOA, MC is aiming to expand its distributed power business in Sub-Saharan Africa, starting with Cote d'Ivoire, and to further develop projects related to power supply services for business customers such as mobile towers in off-grid areas.

EDF and MC are also working together to develop business around electric mobility solutions utilizing batteries, mainly through NEoT Green Mobility (NGM), a joint venture established in 2017(1). NGM's business focuses on providing turnkey electric mobility solutions including assets such as electric buses and charging infrastructure to transportation bureaus and transportation operators in urban areas in Europe.

MC supports the spread of renewable energy and electric mobility by contributing to the development of businesses that use batteries in power generation based on trends which suggest that this will become increasingly popular in the future.

(1) NGM provides transportation bureaus and transportation operators with financing, maintenance, operations, charge optimization and other services with a view to helping address challenges such as the financial burden associated with introducing electric buses and maintaining efficient operations.

About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

Source: Mitsubishi Corporation

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