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27 April 2004 - Japan's Omron Corp. and Mitsui & Co. said Monday that they plan to start mass producing advanced systems for storing electricity by summer after investing 1 billion yen ($9.2m) each in Power Systems Co., an R&D start-up.

Using Omron's technical expertise and Mitsui's sales network, the partners are targeting annual sales of more than 10 billion yen by fiscal 2007 by expanding the line-up of products using power storage systems.

The investment will be made in late May, when Power Systems will conduct a capital increase through a third-party allocation of shares. With the capital injection, Omron will become the largest shareholder in Power Systems and will appoint its president.

Power Systems will invest 2.5 billion yen over the next three years to increase its mass production capacity.

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