#Japan #Renewable Energy #Tokyo #Power X #Ocean Power Grid

Ocean Power Grid Secures Funding in Series A Round

Tokyo-based Ocean Power Grid, a subsidiary of Power X, has announced its decision to conduct a Series A funding round through a third-party allocation of shares. This funding effort aims to raise a substantial sum of approximately 1.1 billion yen, with contributions from several industry partners, including significant players from the fields of electric power, shipping, and finance.

Individual participants in this funding round comprise major names such as Nippon Yusen, Power X itself, Craftia, CEPPCO-R (a group company of Chubu Electric Power), Tatsumi Shoei, Japan Policy Investment Bank, and Mizuho Bank. Additionally, Kyushu Electric Power Company plans to exercise its first series J-KISS type warrants, thus becoming a shareholder in Ocean Power Grid.

The capital raised through this Series A round will primarily be allocated for research and development concerning electric transport vessels, as well as operational expenses associated with the business. Ocean Power Grid is focused on innovative solutions in offshore power transmission, including development in microgrid systems for remote islands and ports, and offshore data centers.

Electric transport vessels are equipped with substantial storage systems that not only allow for the delivery of excess power from the mainland to remote islands but also enable electricity sharing between islands that have advanced renewable energy adoption. In addition, these vessels can transport power generated from offshore wind farms. The company's mission emphasizes building a decentralized energy network that enhances energy self-sufficiency across Japan, particularly for its island regions.

Currently, Ocean Power Grid is working on its first project located in Yakushima, concentrating on technology verification and establishing business viability. This funding round seeks to strengthen the foundation of the venture through capital and operational partnerships with the aforementioned investors, bolstering technical, business, and financial aspects.

Furthermore, the group is accelerating its decarbonization initiatives by expanding the deployment of their storage systems and services. The establishment of microgrids utilizing stationary storage systems in island regions and ports, along with the amplification of mass-production container data centers, is a crucial responsibility that Ocean Power Grid is set to undertake.

CEO’s Vision

Hidenori Onishi, President of Ocean Power Grid, commented on the significance of this funding round, stating, "The offshore power transmission business is an unprecedented challenge that spans multiple sectors. Achieving this requires collaboration among leaders from diverse fields. With the participation of new partners, we are increasingly confident in the swift societal implementation of electric transport vessels. Through offshore power transmission, microgrid development, and the proliferation of container data centers, we aim to transform the energy landscape not only for islands and ports but for Japan as a whole."

This press release is issued purely for informational purposes and does not constitute an invitation to invest under the Financial Instruments and Exchange Act.

About Power X

• - Company Name: Power X Co., Ltd.
• - Established: March 22, 2021
• - CEO: Masahiro Ito
• - Location: 6-9-1 Tai, Tamano City, Okayama
• - Website: https://power-x.jp/
• - Business Activities:

- Manufacturing and selling large-scale storage batteries
- Development and sales of mass-production container data centers
- Power supply from renewable energy sources
- EV charging station services

About Ocean Power Grid

• - Company Name: Ocean Power Grid Co., Ltd.
• - Established: February 9, 2024
• - President: Hidenori Onishi
• - Location: 43F Midtown Tower, 9-7-1 Akasaka, Minato, Tokyo
• - Website: https://oceanpowergrid.jp/
• - Business Activities:

- Development and sales of electric transport vessels, as well as offshore power transportation business
- Development of microgrids for remote islands and ports
- Related business for data centers both on islands and offshore.