Vestas-Mitsubishi in pole position

Vestas’ Jens Tommerup, right, chief executive of the joint venture, pours MHI wind boss Jin Kato a glass of water at the press conference in Copenhagen

Vestas’ Jens Tommerup, right, CEO of the joint venture, and MHI wind boss Jin Kato at the press conference in Copenhagen

The usual cultural awkwardness was on show at joint press conferences in Copenhagen and Tokyo, but the sense of excitement was apparent on the executives’ faces.

After more than a year of negotiations and constant speculation, Vestas and Mitsubishi Heavy Industries (MHI) finally announced their long-awaited joint venture (JV) for the offshore market.

“We have a clear strategic intent to become a global leader in the offshore wind industry,” declared Vestas’ buoyant chief executive, Anders Runevad. The new company is in “pole position” to win the race for market share, added MHI wind boss Jin Kato.

The deal should propel both companies into the big time of the fast-growing offshore sector, creating a heavyweight competitor to undisputed Log in to read complete article.

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