The Toyota Motor Company has invested in over $267 Million towards renewable energy development in Japan. The investment has been made in partnership with the SPARX Group in Japan and will be called the 'Mirai Renewable Energy Fund'. The fund has been set up to promote and increase the use of renewable clean energy across the island country in order to make Japan more self reliant towards its energy needs in the present and especially in the coming future. The find will essentially help promote the likes of solar and wind power apart from other sources like biomass, geothermal energy and hydropower.
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The Mirai, which means 'Future', fund in Japan will basically work towards future electricity supply solutions aiming for production to be as carbon neutral as possible. The added electricity need in the future will not only stem for more and more technology applications but also from the likes of electric cars which will need a huge percentage of the electric grid to get powered every day. The fund also intends to make electricity use in general society as low carbon yielding as possible with the maximum use of clean energy.
The fund will be run by Sparx Group company limited and will be supported by Toyota Motor Corporation for a period of 25 year. Incidentally, Toyota also makes a car called the Mirai, which is powered by a hydrogen fuel cell. The Mirai is sold mainly in the United States but is also very popular in Japan and other parts of Europe. The Mirai has a total range of over 502 kms.