October 31, 2023
Kawasaki Heavy Industries, LtdIwatani Corporation
INPEX CORPORATION
Japan Suiso Energy, Ltd.

INPEX to Acquire Shares in Japan Suiso Energy
to Build International Liquefied Hydrogen Supply Chain
Tokyo, Japan - Kawasaki Heavy Industries, Ltd (Kawasaki), Iwatani
Corporation (Iwatani) and INPEX CORPORATION (INPEX) announced today
they have concluded a shareholder agreement for INPEX to acquire shares inJapan Suiso Energy, Ltd. (JSE), a joint venture between Kawasaki and Iwatani.
In conjunction with INPEX’s acquisition of JSE shares, Kawasaki entered astock transfer agreement with INPEX to transfer a portion of its holdings of JSEshares. 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 hydrogen as a clean energy source that does not emit CO 2during use. Hydrogen is expected to contribute to energy security as it can beproduced from various raw materials, allows for diversification of domestic andinternational procurement sources, and can be transported and stored for long
periods of time.
The Japanese government's “Basic Hydrogen Strategy” revised in June 2023
targets the introduction of up to 3 million tons per year of hydrogen in 2030,
followed by 12 million tons in 2040 and 20 million tons in 2050. The strategy also
targets a hydrogen supply cost of approximately 30 yen per normal cubic meterin 2030, and 20 yen per normal cubic meter in 2050 on a CIF. To supply hydrogenin 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 hydrogen supply
chain centered on maritime transportation.
JSE was established to research, plan, invest in and operate an internationalliquefied hydrogen supply chain. JSE is currently engaged in the “Liquefied
Hydrogen 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 tosupport the development of hydrogen liquefaction and transportation technology
on a scale of tens of thousands of tons per year for commercialization in the2030s and the establishment of an integrated international liquefied hydrogen
supply chain from Australia to Japan.

As Japan’s largest exploration and production (E&P) company, INPEX supplies
sustainable energy to Japan and other countries. The company has over 30 yearsof business experience, including being the first Japanese company to operate alarge-scale LNG project (Ichthys LNG Project) in Australia. INPEX’s experienceand knowledge will be critical for JSE to demonstrate commercialization efforts,build an international liquefied hydrogen supply chain and strengtheninternational competitiveness.
Through the operation of JSE, Kawasaki, Iwatani and INPEX aim to steadilybuild a commercial-scale international liquefied hydrogen supply chain,contributing to the Japanese government's hydrogen goals and the achievementof carbon neutrality by 2050.

■Investment scheme■Liquefied Hydrogen Supply Chain Commercialization Demonstration Project
Timeline: from FY 2021 until FY 2030 (scheduled)
Project Overview: Large-scale Hydrogen Supply Chain Establishment | NEDO
Green Innovation Fund Projects