January 5, 2005

Mitsui takes stake in EnerSea

EnerSea Transport LLC and Mitsui & Co. (U.S.A.), Inc. (Mitsui USA) announced today that Mitsui USA has purchased an equity holding in EnerSea. In addition to its investment in EnerSea, Mitsui USA may also contribute to the company's business activities through equity participation in EnerSea's marine gas transport projects worldwide.

Mitsui USA's stake represents the second significant investment in EnerSea Transport during the quarter. Mercuria Holdings Limited, of the Tanker Pacific Group, also acquired an equity position in EnerSea in October 2004.

Koichi Ando, General Manager of Mitsui USA's Private Equity Department, said, "I believe that investment in robust new energy technologies, such as compressed natural gas marine transport, is vital for the world's industrialized economies and will provide excellent long term value to Mitsui. EnerSea has developed the leading CNG transport technology which is poised for near term commercialization, and we are pleased to be able to participate with them through this stake in the company."

EnerSea's Managing Director Paul Britton said Mitusi's "capabilities and involvement will provide a strategic plank in our business plan and activities and advance us towards our goal of establishing EnerSea as the clear industry leader in compressed natural gas (CNG) marine transport and storage."

EnerSea Transport LLC, based in Houston, provides solutions to clients worldwide for commercializing remote and stranded gas resources utilizing EnerSea's innovative VOTRANS CompressedNatural Gas marine transport and storage services.

Mitsui & Co. (U.S.A.), Inc. is a wholly owned subsidiary of Mitsui & Co., Ltd., Japan. Headquartered in New York, Mitsui USA has 11 business divisions and operates more than 90 consolidated subsidiaries in various industries in the U.S.


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