June 1st, 2020
Kyushu Electric Power Co., Inc.
West Japan Engineering Consultants, Inc.
Kyuden International Corporation.

Execution of the share purchase agreement for the acquisition of Thermochem, Inc.
and PT. Thermochem Indonesia― The first overseas acquisition by the Kyuden Group alone to further strengthen ouroverseas geothermal power generation business ―On May 29, 2020, Kyuden International Corporation and West Japan Engineering Consultants, Inc.,
both companies of the Kyuden Group, executed a share purchase agreement for the acquisition ofThermochem, Inc., and PT. Thermochem Indonesia (collectively “Thermochem”), companies basedin the United States of America and Indonesia that provide technological expertise to the geothermalenergy industry.
Thermochem provides sophisticated technical services and products related to the geothermal
industry including research, development, and manufacture of specialized equipment and providingof consulting services. Thermochem has gained a high reputation among geothermal developers andoperators around the world because of the sophistication and technical capabilities of its products
and services. It has also made a significant technical contribution in the development and operationof the Sarulla geothermal IPP project in Indonesia (total output of circa 330,000 kW), one of thelargest geothermal IPP projects in the world which Kyusyu Electric Power Co., Inc. has been
participating in.
While Thermochem will maintain independent management to continue serving clients around theworld, this acquisition shall serve the purpose of expanding the presence of the Kyuden Group in
the international geothermal power generation business and together through synergy the companies
will dramatically increase their individual impact and contributions to the geothermal industry.
Under the Kyuden Group Management Vision 2030, Kyuden Group aims to contribute to theachievement of a sustainable society by creating equity ownership of 5,000MW in overseas
electricity generation projects by 2030.

“Enlighten Our Future”
KYUDEN GROUP’s Mission is to contribute toward
the realization of a comfortable and environment-friendly lifestyle
today and for generations to come.

Thermochem Profile
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Key Customers

RemarkThermochem, Inc., and PT. Thermochem Indonesia
Santa Rosa, California, USA, and Bandung, Indonesia
1983 (USA), 1998 (Indonesia)
USA and Indonesia
Paul N. von Hirtz
53 (24 in USA, 29 in Indonesia)(1) Technical Services
Using in-house developed techniques and products, highly accurate
multi-phase flowrate measurement and chemical analysis of steam,gas and brine(2) Design, development and manufacture of specialized equipment
and instrumentation
Research and development focused on technical innovations andimprovements for the efficient development of geothermal
resources and operation of geothermal power plants(3) Consulting services
Consulting services for geothermal resource evaluation andassessment, power plant design and operations
Ormat Technologies (U.S., Israel, geothermal developer and operator,binary equipment manufacturer), Calpine Corporation (U.S.,
geothermal operator of The Geysers geothermal power plants), EnergyDevelopment Corporation (EDC, Philippines, geothermal developerand operator), Pertamina Geothermal Energy (PGE, Indonesia,geothermal developer and operator), Kenya Electric Generating
Company (KenGen, Kenya, geothermal developer and operator), etc.

Countries and regions where Kyuden International Corporation., West Japan Engineering
Consultants, Inc., Thermochem have experience in geothermal operations.

Kyuden International（3 countries）

West JEC（36 countries）

2Thermochem（35 countries）