On September 8, 2009
An Oil Company Finally Opts to Go Green
It’s not a major company like BP, Exxon, or Shell — although it’s about 40 percent owned by the last. But Showa Shell Sekiyu, a refiner in Japan, may still count as the first example of an oil company staking its future (not just a tiny percentage of profits) on renewable energy. Showa is looking to invest about $1.1 billion (more than two years’ profits) in a solar cell factory in southern Japan, boosting its output tenfold to 900 megawatts, according to Bloomberg. The investment would probably cost more, but the plant is one acquired from Hitachi, allowing Showa to re-use some technology. The plant will make low-efficiency thin-film solar panels, so Reuters is billing the move as competition for…
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