Mitsubishi Targets Sales Of $13.3 B From Cleantech Products

Mitsubishi Electric Group recently announced plans (PDF) to accelerate its push into the cleantech market. The company plans to achieve sales of about $13.3 billion in 2016 from clean technologies such as solar systems, heat pumps and other energy efficient power devices.

The company aims to expand its photovoltaic business to achieve global sales of about $2.6 billion by 2016.  The company also plans to expand its heat pump business from around $5.8 billion this year to about $8.2 billion over the next eight years. As for other energy efficient power devices, the company plans to boost it from its current $1 billion in sales to about $1.5 billion by 2016.

Mitsubishi Electric said it plans to reduce more than 5.1 million tons of CO2 emissions by the same year.

The announcement comes a year after Mitsubishi Electric released its environmental management vision dubbed “Environmental Vision 2021,” which aims to cut the company’s CO2 emissions 30 percent by 2021. The target year, 2012, commemorates the 100th anniversary of the company’s founding.