Mitsubishi Electric Corporation's president and CEO Setsuhiro Shimomura, has announced the group is expanding its global warming-related business, mainly in photovoltaic (PV) systems.
In a statement this week, Mitsubishi Electric said 'The company will extend its PV business to rapid-growing fields such as the industrial and large-volume power generation markets, with the aim of achieving global sales of 250 billion yen (£1.6 billion) in fiscal 2016 -up from 50 billion yen sales (£320 million) in fiscal year ended March 31, 2008.

Mitsubishi Electric also intends to step up its heat pump-related business and says it has been working to improve performance and efficiency in key areas such as compressors and heat exchangers.

The company will globally expand its heat pump- related businesses, including room air conditioners, package air conditioners and hot water supply systems, to increase sales to 800 billion yen (£5 billion) in fiscal 2016 up from 570 billion-yen sales (3.6 billion) in fiscal 2008.

To strengthen its heat pump related businesses, Mitsubishi Electric is working to increase its sales target to 610 billion yen in fiscal 2010 (£3.9 billion), up from the previous 550 billion yen (£3.5 billion).

Mitsubishi Electric will acceleration its air-to-water business in Europe, with its efficient heat pump hot water supply system helping to achieve the company’s sales target of 50 billion yen (£320 million) in fiscal year 2013.

Mitsubishi Electric has prioritised its global warming related operations, in accordance with its commitments mentioned in its “Environmental Vision 2021,” in October 2007. This highlights the group's commitment to reduce CO2 emissions from product use by 30% and expand power generation that does not emit CO2, with solutions such as PV and nuclear power generation.