Idemitsu Kosan Co.,Ltd. Has Established Idemitsu Americas Holdings Corporation to Accelerate the Development of New Projects to Involve Idemitsu Kosan With Leading Companies in the Americas

Rhea-AI Summary

Idemitsu Kosan Co. has prioritized sustainability with ambitions to achieve carbon neutrality by 2050, targeting Scope 1 and 2 emissions. The company is pivoting from fossil fuels to next-generation materials and ultra-compact electric vehicles. Established Idemitsu Americas Holdings Corporation in February 2020 in San Jose, California, aiming to bolster operations in the Americas. President Motohiro Suzuki emphasized the importance of collaboration with innovative startups in Silicon Valley for a sustainable future.

Positive

• Aim for carbon neutrality by 2050, focusing on sustainable business practices.
• Establishment of Idemitsu Americas Holdings Corporation to enhance operational control.
• Strategic location in Silicon Valley for collaboration with innovative firms.

Negative

• None.

Idemitsu Kosan Co.,Ltd., headquartered in Tokyo, established Idemitsu Americas Holdings Corporation in February of 2020, in San Jose, California. Operations began in earnest on August 23, 2021 to reinforce business controls for the various companies within the Idemitsu Group in the Americas. At the same time, efforts were made to move forward for new project networks together with other companies in the Americas.

SAN JOSE, Calif.--(BUSINESS WIRE)-- Idemitsu aims to be carbon neutral by 2050 for its own Scope 1 and 2 emissions, with staged replacements for its fossil fuel and basic chemicals businesses with next-generation fuels, materials, and circular business. Plans call for a portfolio evolution by developing business with ultra-compact electric vehicles and life support, as well as an expansion into leading-edge materials that can support next-generation manufacturing.

The building where the Idemitsu Americas Holdings office is located (San Jose, CA) (Photo: Business Wire)

Idemitsu Americas Holdings (IAH) Corporation is in San Jose, within Silicon Valley, where neighboring companies are world-scale innovators. In a move designed to bring Idemitsu’s plans for a future-facing portfolio evolution closer to reality, the Medium-Term Management Plan Revision announced in May calls for the conversion of oil refineries and industrial complexes into carbon-neutral transformation (CNX) centers. IAH is perfectly located to develop networks with business partners and identify potential projects.

Motohiro Suzuki, President and CEO for Idemitsu Americas Holdings Corporation said that it is critical to find potential partners when searching for innovative businesses. “Startups are a natural place to begin and by locating Idemitsu Americas Holdings Corporation in Silicon Valley, we believe that we are positioned to contribute to the realization of a sustainable society when we are able to work with leading-edge companies in the Americas known for their experience in energy and materials industries.”

Integral to its future, Idemitsu will take advantage of Idemitsu Americas Holdings Corporation’s work to create new value that will further our portfolio evolution.

Overview of Idemitsu Kosan Co.,Ltd.

Company Name	Idemitsu Kosan Co.,Ltd.
Location	Tokyo
Business Description	Development, production and supply of fuels, basic chemicals, functional materials, renewable energy, and resources
Year Established	1940 (founded in 1911)
Capitalization	JPY 168.4 billion
Representative	Representative Director President and Chief Executive Officer Shunichi Kito

Overview of Idemitsu Americas Holdings Corporation

Company Name	Idemitsu Americas Holdings Corporation
Location	San Jose, California
Business Description	Strengthening the operations of Idemitsu Kosan, Co., Ltd., for its group companies within the Americas and developing new projects
Year Established	2020
Capitalization	USD 1,500,000
Representative	President and CEO Motohiro Suzuki

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210824005371/en/

Public Relations Section, Idemitsu Kosan Co.,Ltd.

https://www.idemitsu.com/contact/flow/index.html

Chihiro Hori (Ms.)

public.relations@idemitsu.com

Source: Idemitsu Kosan Co.,Ltd.