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TOKYO, Apr 6, 2026 - (JCN Newswire via SeaPRwire.com) - JFE Holdings, Inc. (JFE) and Mitsubishi Corporation (MC) are pleased to announce that we have signed a Second Memorandum of Understanding (Second MOU) at the end of March, of this year toward the joint development of a power business and data center project in the Ohgishima, Keihin District. Under the Second MOU, the companies will advance the business plan with the goal of entering into a joint venture agreement.In March 2025, JFE and MC signed an initial Memorandum of Understanding to explore the feasibility of a joint venture. Over the following year, the two companies conducted foundational technical and commercial assessments of an integrated power and data center project together with MC Digital Realty, Inc.(*1) (MCDR), leveraging the distinctive advantages of the Ohgishima Area which include a large-scale site strategically located approximately 20 km from central Tokyo and a stable power supply from JFE’s captive power plant.Following confirmation of the feasibility of the concept to construct and operate a data center on 5 hectares of land, utilizing the adjacent JFE's captive power plant in the Ohgishima Area, which has a generating capacity of 190 MW, the companies have decided to proceed to the concretization phase of a joint venture encompassing both the data center and power businesses.For JFE, commercialization of the data center under consideration is a key initiative under its Eighth Medium-Term Business Plan(*2) toward realizing the land use concept outlined in "OHGISHIMA 2050"(*3) and the goals of "JFE Vision 2035." JFE will commence land development at the candidate data center site and proceed with planning for the construction of the necessary infrastructure.MC positions data centers and power, both of which are indispensable to the advancement of AI, as “AI infrastructure.” The company views this plan to develop these facilities in areas of large-scale land use conversion project to be a strong example of meeting the need to repurpose former industrial land and construct next-generation industries. Leveraging its broad industrial portfolio and accumulated expertise across diverse businesses, MC will work jointly with JFE to further develop the plan.JFE, MC, and MCDR, a leading data center developer and operator in Japan have identified an initial site of approximately five hectares adjacent to the existing JFE power plant for data center development. The site can support at least two data centers, and the companies are targeting the commencement of operations for an initial 60 MW data center in fiscal year 2031, which can utilize electricity secured from the captive power plant. Looking ahead, the companies envision a phased expansion in line with demand trends, with additional nearby sites identified for future growth. Ultimately, this development could form a data center campus with several hundred megawatts of IT capacity. The three companies will advance concrete planning, including the design of data centers capable of supporting cloud and AI computing infrastructure. Drawing on its extensive experience in the development and operation of multiple data centers in the Greater Tokyo area, MCDR will support the initiative through the provision of a wide range of development and operational solutions.With respect to the power business, JFE and MC will work to maximize utilization of JFE's captive power plant to deliver stable and cost-competitive electricity to the data center and other power demand within the Ohgishima Area. The companies will also explore reinforcement of the plant's generating capacity in line with progress in land use conversion and expansion of the data center business. Additionally, JFE and MC will study the potential supply of green power by leveraging Ohgishima’s planned hydrogen hub to support the future demand for power resulting from continued land use conversion and data center expansion.Demand for data centers surges in response to growing information processing needs. However, the availability of suitable urban sites capable of accommodating their substantial power requirements remains limited. At the same time, securing a sustainable and stable power supply has become an increasingly pressing social challenge. Through this initiative, JFE and MC intend to address these issues and contribute to the enhancement of Japan's industrial competitiveness.(*1) MC Digital Realty, IncMC Digital Realty, Inc. is an equal-equity joint venture between Mitsubishi Corporation and Digital Realty, a leading global data center provider with more than 300 facilities worldwide. Leveraging Mitsubishi Corporation’s expertise in real estate and infrastructure investment, along with its extensive customer network, and Digital Realty’s global platform and proven capabilities in data center development and operations, the company delivers a comprehensive range of data center solutions in Japan, enabling customers to scale their businesses and drive innovation.(*2) “JFE Vision 2035” and Eighth Medium-Term Business Planhttps://www.jfe-holdings.co.jp/en/sustainability/sus_manage/manage/plan/(*3) Ohgishima 2050https://www.jfe-holdings.co.jp/en/release/2023/0907/000278/MaterialityBased on the Three Corporate Principles, which serve as MC’s core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. While continuously creating Shared Value guided by the Materiality, a set of crucial societal issues, MC will continue to strengthen its efforts towards sustainable corporate growth. Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to “Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually”, this project’s activities particularly support “Contributing to Decarbonized Societies” “Promoting Stable, Sustainable Societies and Lifestyles.” “Utilizing Innovation to Address Societal Needs” and “Addressing Regional Issues and Growing Together with Local Communities”Inquiry RecipientMitsubishi CorporationTelephone:+81-3-3210-2171Inquiry RecipientJFE Holdings Corporation Investor Relations and Corporate Communications DepartmentTelephone:+81-3-3597-3842 Copyright 2026 JCN Newswire via SeaPRwire.com. All rights reserved. www.jcnnewswire.com