Expanding Electric Load as a Resource Worldwide and Energy Storage to Be a Focus
Philadelphia, PA and Tokyo, Japan – August 6, 2012 – Mitsui & Co., Ltd., a global trading, IT and industrial infrastructure services company, announced today that it will invest $15 million in the U.S.-based Viridity Energy, a leading energy optimization solution provider that has developed a unique and flexible VPower™ platform that maximizes energy revenue and savings. The investment is effective upon approval by the Federal Energy Regulatory Commission. In exchange, Mitsui will obtain an equity position and actively participate as a member of the Viridity Energy Board of Directors. With this investment, Mitsui plans to further internationalize their “Smart Green Information Technology” business model which includes Smart Grid IT, renewable energy development and management, and CO2 emissions mitigation strategies.
Mitsui’s investment also includes a cooperative agreement to work with Viridity Energy to deploy the VPower™ platform in Asia Pacific and elsewhere in the world to enable load and distributed renewable and non-renewable energy resources as reliable resources for smart grid management.
This cooperative partnership will also combine Viridity Energy’s expertise in storage optimization with Mitsui’s financing expertise to support the development of distributed energy projects that feature storage as a significant component.
“Viridity Energy is delighted with our new partnership with Mitsui & Co.,” said Audrey Zibelman, Chair and CEO of Viridity Energy. “Viridity Energy and Mitsui & Co. share the view that customer load has the potential to serve as a dynamic and reliable grid resource that is less expensive and more sustainable to society. We look forward to partnering with Mitsui to expand the availability of dynamic load management in global markets to strengthen the ability for all resources, including consumption, to work seamlessly together to provide reliable power in the most economical, efficient, and sustainable manner possible.
Mitsui has established a new business model in the Smart Green IT area, and will work with Viridity Energy on a variety of business prospects to build out the Smart Green IT business. Through this partnership, Mitsui aims to expand access to dynamic load management and energy storage by utilizing smart technology to Asia Pacific and across the world.
About Viridity Energy
Viridity Energy is paving the way for a new generation of demand response through its innovative demand-side management solutions. Viridity Energy provides large energy consumers with intelligent tools to reduce their energy spend by increasing energy supply cost savings and/or creating energy revenues through its unique and flexible VPower™ platform. VPower™ enables customers to reduce overall energy spend by dynamically managing energy load and integrating advanced energy technologies. Headquartered in Philadelphia, Pennsylvania, Viridity Energy was founded in 2008 by former executives of PJM Interconnection. For more information, visit: www.viridityenergy.com.
About Mitsui & Co., Ltd.
Mitsui & Co., Ltd. (“Mitsui”) is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 154 offices in 69 counties as of April, 2012. Utilizing the global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields, Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Motor Vehicles, Marine & Aerospace, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, IT, Financial & New Business and Transportation Logistics. Mitsui is actively taking on challenges for global business innovation around the world. For more information, visit http://www.mitsui.com.
Mitsui & Co., Ltd.
Corporate Communications Division