Execution of the share purchase agreement for the acquisition of Thermochem, Inc.

The first overseas acquisition by the Kyuden Group alone to further strengthen our overseas geothermal power generation business

Press release

On May 29, 2020, Kyuden International Corporation (KIC) and West Japan Engineering Consultants, Inc., both companies of the Kyuden Group, executed a share purchase agreement for the acquisition of Thermochem, Inc., and PT. Thermochem Indonesia (collectively “Thermochem”), companies based in the United States of America and Indonesia that provide technological expertise to the geothermal energy industry.
Thermochem provides sophisticated technical services and products related to the geothermal industry including research, development, and manufacture of specialized equipment and providing of consulting services. Thermochem has gained a high reputation among geothermal developers and operators around the world because of the sophistication and technical capabilities of its products and services. It has also made a significant technical contribution in the development and operation of the Sarulla geothermal IPP project in Indonesia (total output of circa 330,000 kW), one of the largest geothermal IPP projects in the world which KIC has been participating in.
While Thermochem will maintain independent management to continue serving clients around the world, this acquisition shall serve the purpose of expanding the presence of the Kyuden Group in the international geothermal power generation business and together through synergy the companies will dramatically increase their individual impact and contributions to the geothermal industry.
Under the Kyuden Group Management Vision 2030, Kyuden Group aims to contribute to the achievement of a sustainable society by creating equity ownership of 5,000MW in overseas electricity generation projects by 2030.