MHI to Collaborate with Reykjavik Energy of Iceland
In Developing Geothermal Energy Opportunities Worldwide
-- Executives of Two Companies Sign MOU in Tokyo --


Tokyo, April 15, 2010 - Mitsubishi Heavy Industries, Ltd. (MHI) and Reykjavik Energy (Orkuveita Reykjavikur: OR), a geothermal electricity producer and multi-utility provider in Iceland, have agreed on joining forces in the development of geothermal energy opportunities globally. Gušlaugur Sverrisson, Chairman of OR, Hjorleifur B. Kvaran, the Icelandic company's CEO, and Ichiro Fukue, Senior Executive Vice President of MHI, today signed a memorandum of understanding (MOU) in Tokyo.

OR, one of the world's leading geothermal power generation companies, is looking to promote geothermal energy use globally and has already begun development activities in Africa and elsewhere. With conclusion of the MOU, MHI, the world's foremost manufacturer of geothermal power generation equipment, will now participate in OR's initiative and jointly explore geothermal power generation projects worldwide. Specifically the two companies will collaborate in activities involving identification and verification of geothermal power generation potential, project launch support, development and supply of major equipment, preparation of power plant operation and management guidelines, etc.

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