April 24, 2024
Mitsubishi Corporation
Denka Company Limited
MC and Denka Sign J/V Agreement in Fullerene Business
Aim to Promote Initiatives in Thin-film Solar Cells and Other Organic Electronics
Mitsubishi Corporation (MC) and Denka Company Limited (Denka) are pleased to announce our signing of a joint-ventureagreement in the business of fullerenes, carbon molecules that form the base of cutting-edge materials in the field ofnanotechnology. Under the terms of our agreement, Denka shall acquire from MC a 50% stake in Frontier Carbon Corporation(FCC), a company dedicated to the manufacturing and sales of fullerenes.
Fullerenes are nanoscale allotropes of carbon, whose single or double-bonded atoms are joined together in hexagonal rings in
spherical form, similar in appearance to a soccer ball. They have excellent conductive and thermal properties and can bedissolved in common organic solvents at room temperature, which makes them effective conductors in organic, thin-film solar
cells.1 Research is also underway into their application as an electron transporting layer in perovskite solar cells2, which aregarnering attention as next-generation photovoltaic technology. Use as smartphone sensors and other new possibilities areindicative of strong growth potential in the field of fullerenes.
Since establishing FCC in 2001, MC has leveraged tech-based collaborations with longstanding customers, built a sales network,and otherwise made strong inroads into the commercial-use fullerene market. Having acquired a substance3 and other fullerene
related patents, MC is committed to applying its multi-industry collective capabilities towards FCC's future growth anddevelopment.
Energy transformations are a key part of MC's latest management plan, "Midterm Corporate Strategy 2024,"4 which
demonstrates the company's aim to help industries decarbonize by connecting their needs with seeds of growth in materials
and other areas. Offering fullerene-based solutions is just one of the ways that MC is playing its part to realize a carbon-neutral
society.
Denka has strengths that will prove invaluable in supporting FCC's future growth, including the carbon-nano-material expertiseand manufacturing technologies that the former has built up through its mass production of acetylene black5, a highly
conductive carbon material used in high-voltage cables and lithium-ion batteries. Denka will play an equally important role insupporting the construction of business infrastructure by taking advantage of its manufacturing-facility and other utilities. Theseassets promise to enhance the company's presence in the carbon nanomaterials market and further its business expansion plansin this field.
Recognizing that the industrial potential of fullerenes spans their use in electronics, biopharmaceuticals, and many otherindustries, Denka also has plans to incorporate them into its operations in ICT & Energy, Healthcare, and Sustainable Living, thethree focal fields of its latest management plan, "Mission 2030"6.
MC and Denka look forward to combining our respective expertise in sales and technology to promote the growth of fullerene
applications. Our shared goal is to leverage FCC's operations to address societal challenges by developing systems to boost
production and meet the growing demand for these cutting-edge materials.

Basic fullerene (C60) structure
1.

Organic, fullerene-based thin-film solar cell

Photovoltaic cells that use a thin film of organic semiconductors as the power-generating layer. There are two types of semiconductor materials (p-type and n-type), withfullerene being an n-type material.

2.

Photovoltaic cells made from materials with a perovskite crystal structure, coated with a liquid form and baked on a thin glass or plastic substrate.

3.

Fullerene substance patent: A basic patent for fullerenes in the US, covering the manufacture and sale of fullerenes (including products using fullerenes). (Patent number
US7,494,638B1/US8,101,149B1)

4.

https://www.mitsubishicorp.com/jp/ja/about/plan/pdf/mcs2024_220510.pdf

5.

A type of carbon black produced by the thermal decomposition of acetylene. The batteries and cables made with acetylene black are used in EVs and offshore wind
power generation.

6.

Eight-year management plan covering fiscal years 2023 to 2030.
https://www.denka.co.jp/eng/storage/news/pdf/423/20221108_denka_vision_mission2030_materials_en.pdf

Frontier Carbon Corporation (as of April 24, 2024)(1) Company name:

Frontier Carbon Corporation(2) CEO:

Koichi Oshima(3) Established:

2001(4) Head office:2-1 Kanda-Nishikicho 2-chome, Chiyoda-ku, Tokyo(5) Investment ratio:

Mitsubishi Corporation 50%, Denka 50%(6) Business:

Manufacture and sale of fullerenes and fullerene-applied products

Inquiry Recipients
Mitsubishi Corporation: +81-3-3210-2171
Denka Company Limited: +81-3-5290-5511