Kyuden International Corporation (“Kyuden International”), a member of the Kyuden Group, is pleased to announce that, through its U.S. subsidiary Kyuden International Americas, Inc., it has entered into a stock purchase agreement to acquire 100% of the outstanding shares of IHI Power Services Corp. (“IHI Power Services”), a consolidated subsidiary of IHI Corporation today. Upon completion of the necessary regulatory approvals and other customary conditions, IHI Power Services will join the Kyuden Group.

IHI Power Services provides comprehensive services for power generation facilities in the United States, with a core focus on operations and maintenance (“O&M”), as well as technical support. The company has extensive experience as an owner and operator of multiple power generation facilities, has accumulated broad O&M expertise across a wide range of power generation technologies. This expertise has contributed to enhanced safety, reliability, and economic performance at numerous power plants. In recent years, the importance of ensuring reliable and efficient operation of power generation assets has increased significantly, driven by factors such as the expansion of renewable energy, growing electricity demand related to AI and data centers, and the aging of power generation facilities in the United States. Against this backdrop, demand for O&M services is expected to continue to grow.

This transaction represents the Kyuden Group’s first investment in an O&M business in the United States. Through this investment, Kyuden International aims to create synergies by combining the operational experience and know-how cultivated through its domestic power generation businesses with the expertise accumulated by IHI Power Services in the U.S. market, thereby enhancing the company’s enterprise value. In addition, by integrating O&M capabilities into our business portfolio, Kyuden International seeks to diversify and strengthen the earnings structure of its power generation business in the United States.

The Kyuden Group will continue to utilize its advanced technological capabilities and extensive experience to further expand its business globally, while working towards the realization of the “Kyuden Group Strategic Vision 2035.”