Idemitsu Americas to help further parent’s portfolio evolution
Idemitsu Kosan Co., Ltd., which is headquartered in Tokyo, Japan, aims to be carbon neutral by 2050 for its own Scope 1 and 2 emissions, with its fossil fuels and basic chemicals businesses to be gradually replaced 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.
In February 2020, Idemitsu established Idemitsu Americas Holdings Corporation in San Jose, California, U.S.A. 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.
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 in California’s Silicon Valley to develop networks with business partners and identify potential projects.
Motohiro Suzuki, president and CEO of 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 Idemitsu’s portfolio evolution.