Participation in a New Geothermal Development Project in the Esan Area, Hakodate City, Hokkaido- MMC's First Geothermal Power Generation Development in Hokkaido -

Mitsubishi Materials Corporation (MMC) has invested in Hakodate Esan Geothermal LLC (Esan Geothermal) as a new business partner of RENOVA, Inc. (Chuo-ku, Tokyo; Founding CEO, Yosuke Kiminami) and Daiwa Energy & Infrastructure Co. Ltd. (Chiyoda-ku, Tokyo; President, Morimasa Matsuda). Since its establishment in 2016, Esan Geothermal has moved ahead with business development with the aim of developing a new geothermal power plant in the Esan area of Hakodate City, Hokkaido.
We are utilizing the abundant experience and high technological capabilities we have cultivated over many years through our development and management of coal and metal mines for hydroelectric and geothermal power generation. In relation to geothermal power generation, since Onuma Geothermal Power Plant (Akita Prefecture) started operation in 1974, we have played a central role in the construction and operation of Sumikawa Geothermal Power Plant (Akita Prefecture, operation started in 1995), Wasabizawa Geothermal Power Plant (Akita Prefecture, operation started in 2019), and Appi Geothermal Power Plant (Iwate Prefecture, operation to start in 2024).
We have been working on the "development and promotion of the use of renewable energies such as geothermal energy" and intend to engage in this project by making use of our experience and technological capabilities through investment to contribute to the success of the project.
Under our corporate philosophy of "For People, Society and the Earth," one of our Group's missions is to contribute to building a decarbonized society. To accomplish this mission, we will continue to work on the renewable energy business including geothermal power generation.

With the aim of developing a geothermal power plant in the future, Esan Geothermal has started a geothermal resource survey for fiscal 2023 as follows. Survey site:Esan area, Hakodate City, HokkaidoSurvey description:Drilling survey with large-diameter survey well (well drilling and ancillary works)^*Survey period:April 2022 to February 2023 (scheduled)

*This survey has been selected as a "project granted a subsidy for resource survey of geothermal power generation in FY2023" sponsored by the Japan Oil, Gas and Metals National Corporation (JOGMEC).
https://www.jogmec.go.jp/news/bid/content/300377678.pdf

Name	Hakodate Esan Geothermal LLC
Address	2-2-1, Kyobashi, Chuo-ku, Tokyo
Representative member	RENOVA, Inc.
Date of establishment	December 9, 2016
Investors	RENOVA, Inc. Daiwa Energy & Infrastructure Co. Ltd. Mitsubishi Materials Corporation

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