Signed yesterday (Feb 24th), the agreement has seen Mitsui subscribing to preferred shares valued at $40m in Air Water American, Inc. (AW America) – a wholly owned subsidiary of Air Water – and has begun to cooperate on expanding North America’s industrial gas business.
This focus on industrial gases includes oxygen, nitrogen, argon, hydrogen, carbon dioxide, and helium. Used across steel and semiconductor manufacture in addition to mobility and the food industry, the gases are also linked to the growth of various markets.
As industry intensifies its focus on the energy transition, hydrogen for use in sustainable energy projects and mobility demand is set to expand.
New initiatives are being set up by Air Water and Mitsui to help develop the industrial gas business in North America, in addition to Air Water using its industrial gas know-how to leverage capabilities in India.
To make inroads into the US industrial gas market it plans to build VSUs – small, high-efficiency separation units – near local areas of demand.