31 Aug Australia-Japan News | August 2022
This page collates links to interesting articles that provide a picture of what is happening in Japan and in the Australia-Japan relationship, with brief summaries of their content.
While we don’t claim this list to be comprehensive, and some of the articles may be behind paywalls, we hope it will evolve into a valuable resource that assists members and subscribers in keeping up to date and provides a record of key developments… make sure to check back regularly to see the latest.
* indicates the article is behind a paywall.
August 2022
Japan’s largest bank will back hydrogen and remains committed to gas*
Japan’s MUFG will continue to support the gas sector and lend to major LNG projects as a critical transition fuel while supporting the development of a hydrogen industry in Australia. MUFG will cut off coal lending globally by 2040. It is one of the two largest lenders to renewable energy worldwide. The company is not assessing funding for any Australian hydrogen projects yet but is advising some Japanese companies on prospects and considers technology like blue hydrogen using CCS will be critical in the transition in energy sector. *Read more >
ITOCHU Announces Collaboration with Taisei Corporation and Australia’s MCi on Mineral Carbonation Technologies
ITOCHU announced on 15 August that it has signed a memorandum of collaboration with Japanese construction firm Taisei Corporation Company and Australian start-up MCi. MCi has been developing mineral carbonation technologies that convert industrial CO2 emissions into solid minerals called carbonates, which can be used as raw materials for concrete. The collaboration aims to incorporate MCi’s carbon capture technology into Taisei’s concrete products to cut CO2 emissions. Read more >
INPEX and AGL Energy Sign Memorandum of Understanding on NSW Hydrogen Hub Project
Japan’s INPEX announced on 9 August that it has signed an MoU with AGL Energy to conduct a feasibility study for AGL’s Hunter Energy Hub in NSW. The project aims to look into production of green hydrogen and export capabilities with a view to facilitate hydrogen exports to Japan and other countries from the Port of Newcastle. INPEX will conduct the study with other partners including Fortescue Future Industries and Osaka Gas. This is the second joint hydrogen hub study with AGL, following the partnership on the Torrens Hydrogen Hub in SA. Read more >
ioneer Signs Binding Lithium Offtake Agreement with Toyota & Panasonic joint venture, Prime Planet Energy & Solutions
ioneer Ltd (headquartered in North Sydney) announced that it has signed a binding offtake agreement with Prime Planet Energy & Solutions (PPES), a joint venture between Toyota and Panasonic. ioneer will directly supply PPES with lithium carbonate from its Rhyolite Ridge Lithium-Boron Project in Nevada, USA. Lithium supplied by ioneer will be produced, refined and incorporated into lithium-ion batteries by PPES, as a first step in securing an end-to-end U.S. lithium supply chain for EV market. Read more >
TAL completes acquisition of Westpac Life business
TAL Dai-ichi Life Australia, a wholly owned subsidiary of the Dai-ichi Life Group, said on 1 Aug that it has completed its acquisition of Westpac Life, the life insurance arm of Westpac Banking Corporation. The deal was first announced in August 2021. All of Westpac’s life insurance business has now been transferred to TAL. Read more >
Oval Ventures launches a buyout arm to invest in Japan
Oval Ventures, a Japan and Australia based venture capital fund, announced on 1 August its establishment of Blackship Capital, a buyout arm to support the succession of Japanese companies by Australian entrepreneurs and capital, taking advantage of the investment opportunities of Japan’s severe successor shortages. Read more >
Opal Group (Nippon Paper Group) announces major packaging investment in regional Victoria
Nippon Paper Group’s Opal announced its plan to invest more than $140 million to construct a state-of-the-art, high speed manufacturing facility for cardboard packaging in regional Victoria. The project is supported by the Victorian Government to create regional job opportunities. Read more >
Australia-Japan joint venture AEG to buy Maryborough sugar mill to make biofuel
Advanced Energy Group (AEG), an Australian-Japanese joint venture, announced it was close to finalise a deal to buy Maryborough sugar mill, which was closed in 2020, to produce biofuel such as renewable diesel from sugar cane. AEG expects to finalise the acquisition in August, and if it goes through, recommissioning will start immediately. The project to transition the sugar factory to a fuel hub is estimated to cost $100 million. Read more >
Hitachi wins AU$107 million order for automated rail control in Australia*
Hitachi has secured a contract worth AU$107 million to automate elements of QLD’s New Generation Rail fleet, which will allow trains to run closer together at optimum speeds and improve energy efficiency. Hitachi Rail will supply the technology. Hitachi has also received an AU$65 million order for maintenance of trains in QLD through 2046. The company positions its rail business as a growth driver as countries seek to reduce CO2 emissions. *Read more >