NEW YORK — A power technology conglomerate, known mostly for traditional energy sources like natural gas, has launched a new company to provide solar electricity and battery storage.
Why it matters: The announcement from Mitsubishi Hitachi Power Systems Americas, made Monday at the Bloomberg NEF conference, shows how the world's biggest energy and technology companies are adapting to a world, or at least many parts of it, that is demanding cleaner energy sources.
Driving the news: The new company, called Oriden, is a project development firm under the umbrella of Japanese company. The name is a play on the English word "origin" and the Japanese word "denki" (電気), meaning electricity.
One level deeper: Browning tells Axios in an interview that the decision was partly in response to some state moves away from natural gas, including California and Arizona.
- "We have to be thinking about what's next," says Browning, adding that hydrogen as a form of storage is also something the company is pursuing.
