Kawasaki Heavy Industries (Kawasaki), Iwatani Corporation (Iwatani) and INPEX have concluded a shareholder agreement for INPEX to acquire shares in Japan Suiso Energy (JSE), a joint venture between Kawasaki and Iwatani. In conjunction with INPEX’s acquisition of JSE shares, Kawasaki entered a stock transfer agreement with INPEX to transfer a portion of its holdings of JSE shares. As a result, the parties’ equity stakes in JSE are as follows: Kawasaki: 36.6%; Iwatani: 33.4%; INPEX: 30.0%.

As decarbonization efforts accelerate around the world, there are growing expectations for H₂ as a clean energy source that does not emit CO₂ during use. H₂ is expected to contribute to energy security as it can be produced from various raw materials, allows for diversification of domestic and international procurement sources, and can be transported and stored for long periods of time.

The Japanese government's “Basic H2 Strategy” revised in June 2023 targets the introduction of up to 3 MMtpy of H₂ in 2030, followed by 12 MMt in 2040 and 20 MMt in 2050. The strategy also targets a H₂ supply cost of approximately $0.20/m³ in 2030, and $0.13/m³ in 2050 on a CIF. To supply H₂ in large quantities and at low cost in line with these targets, it is extremely important for Japan as an island nation to build an international H₂ supply chain centered on maritime transportation.

JSE was established to research, plan, invest in and operate an international liquefied H₂ supply chain. JSE is engaged in the liquefied H₂ supply chain commercialization demonstration project selected by the New Energy and Industrial Technology Development Organization's (NEDO) Green Innovation Fund project in August 2021. This demonstration is intended to support the development of H₂ liquefaction and transportation technology on a scale of tens of thousands of tpy for commercialization in the 2030s and the establishment of an integrated international liquefied H₂ supply chain from Australia to Japan.