TOKYO – September 3, 2020 – Preferred Networks, Inc. (PFN) announced today that PFN and Mitsui & Co. (Mitsui) established a new joint venture Mit-PFN Energy Co., Ltd. on August 31, 2020 to develop and commercialize a deep learning-based AI solution for subsurface structure analysis.

The Tokyo-based joint venture aims to apply deep learning technology to seismic analysis, a common method to find underground oil and gas reservoirs using artificially induced shock waves. By using PFN’s supercomputer for large-scale simulation of seismic wave propagation, Mit-PFN Energy aims to develop a solution that accurately estimates geological structure for efficient utilization of subsurface resources.

In addition to oil and gas, the new joint venture also plans to use its solution for subsurface carbon capture and storage (CCS) as well as renewable energy including geothermal.

Mit-PFN Energy is 51 percent owned by Mitsui and 49 percent by PFN, and headed by Haruaki Moritani.

Going forward, PFN and Mitsui will continue to build business models using deep learning technology while collaborating with partner companies and utilizing the Mitsui & Co. Group’s wide-ranging business assets.