Mitsubishi Electric and Mitsubishi Heavy Industries announced on May 29 that they officially signed a contract on the same day for the integration of their power generator businesses. An integrated investment company will be established in April 2024. The investment ratio is planned to be 51% by Mitsubishi Electric and 49% by Mitsubishi Heavy Industries. The company will integrate the design, manufacturing, quality control, maintenance and inspection of thermal power, nuclear power, and hydro power generators to increase profitability and strengthen market competitiveness.

In response to the rising demand for electricity in emerging countries and the trend toward energy security, there will be new construction and expansion of liquefied natural gas (LNG)-fired power plants and nuclear power plants around the world, as well as the stabilization of the power system as the supply of renewable energy expands. The use of large generators is also expected in the reduction of electricity. The integration will bring together the technologies and assets of both companies, strengthen their market competitiveness, and survive in the global market.