Investment in Heirloom Carbon Technologies, Inc., a US DAC Company

Mitsubishi Corporation (“MC”) is pleased to announce a significant investment in Heirloom Carbon Technologies, Inc. (“Heirloom”), the pioneering company to operate United States’ first commercial Direct Air Capture (“DAC”) facility. This strategic investment reflects MC's commitment to exploring direct participation in future DAC projects being developed by Heirloom.

In July last year, together with Mitsui O.S.K. Lines, Ltd., MC proudly became the first Japanese company to participate in Heirloom's growth journey through convertible securities*. We are pleased to announce that, as Heirloom completes its ＄150 million fundraising round, we have joined this significant milestone alongside several other leading Japanese companies, including Mitsui & Co., Ltd. and Japan Airlines Co., Ltd.

*Convertible securities, also known as a Simple Agreement for Future Equity (SAFE), are a popular financing method for startups, providing capital in exchange for the right to convert shares at a future date.

Utilizing limestone, a globally abundant and inexpensive adsorbent that covers approximately 10% of the Earth's surface, Heirloom's process captures CO2 efficiently. This approach positions Heirloom at the forefront of cost-effective and scalable carbon capture solutions.

Through this investment, MC will support Heirloom's commercialization process and global market expansion, while contributing to the realization of a decarbonized society through DAC.

In the pursuit of a decarbonized society, it is essential to not only reduce greenhouse gas emissions but also remove existing carbon dioxide (CO2) from the atmosphere, a process known as Carbon Dioxide Removal (CDR). DAC is an innovative technology that employs various methods to capture CO2 directly from the air. The captured CO2 is then sequestered for long periods through underground storage or utilization. While successful commercialization of DAC has already been achieved in Europe and the United States, the technology is still in the early stages of scaling and deployment.

Name: Heirloom Carbon Technologies, Inc.

Year of Establishment: March 2020

Location: California, U.S.A.

CEO: Shashank Samala

Year of Establishment: 1954

Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Japan

Representative: Katsuya Nakanishi, President and Chief Executive Officer

Main Operations: MC operates a wide range of businesses spanning multiple industries and overseen by eight industry-specific business groups: Environmental Energy, Materials Solution, Mineral Resources, Urban Development & Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.