#Japan #Tokyo #EV Charging #WeCharge #UbiDen

Introduction

Ubiden Inc., headquartered in Minato, Tokyo, has successfully completed a Series C funding round, securing a total of 1 billion yen. This major investment aims to enhance electric vehicle (EV) charging infrastructure in residential complexes as part of Japan's commitment to achieving carbon neutrality by 2050.

Details of the Funding

The Series C funding was led by Sparks Asset Management's Future Creation Fund No. 3, with participation from Environmental Energy Investment, Toho Gas, and Sumitomo Mitsui Trust Bank. This round has raised a total of 2.75 billion yen for Ubiden, significantly bolstering its financial position.

Market Context

The Japanese government has set ambitious goals to make all new car sales electric by 2035, highlighting the necessity of developing adequate charging infrastructure in apartment buildings. A recent announcement by the Tokyo Metropolitan Government states that charging installations will be obligatory in newly constructed condominiums starting in the fiscal year 2025. In this evolving market landscape, Ubiden is focused on developing EV charging infrastructure tailored for apartment complexes, leveraging this funding.

Allocation of Funds

The capital raised will be strategically allocated to:

• - Expanding the reach of Ubiden's EV charging service, "WeCharge."
• - Developing new systems that include metering compliance, dynamic pricing based on usage times, and AI-controlled charging.
• - Strengthening partnerships with property management firms, electrical contractors, and energy service providers.

About WeCharge

Ubiden's signature service, WeCharge, is designed primarily for condominium and rental housing residents, providing a seamless experience from coordination with management associations to subsidy applications and remote management of user payments. This service addresses the significant infrastructure challenges that urban multi-unit residential buildings face regarding EV adoption, enabling a comfortable EV life at home. Notably, condominiums equipped with WeCharge see EV and PHEV ownership rates several times higher than the national average, illustrating the effectiveness of such installations in promoting EV usage.

Corporate Vision

Ubiden operates under the vision of "Envisioning the Future of Electricity," aiming for a future where EVs are not merely modes of transport but integral parts of a harmonized energy infrastructure. By ensuring that EVs are charged at optimal times, the efficiency of renewable energy use will improve, contributing to energy self-sufficiency and demand leveling. The company is committed to building this decarbonized society through robust infrastructure development aligned with individuals' lifestyles.

Investors' Comments

Following the announcement of the successful funding round, major investors expressed their enthusiasm:

• - Hidetoku Yanagida, Team Leader at Sparks Asset Management: "Ubiden is addressing the current bottleneck in EV adoption by focusing on building a fundamental charging environment for residential buildings. Through close collaboration with management associations and a tailored approach to residents' lifestyles, we are optimistic about driving sustainable infrastructure development."

• - Jun Matsunaga, Principal at Environmental Energy Investment: "We believe the WeCharge service is essential for creating a comfortable and practical lifestyle for EV users living in apartments. By fostering this environment, we aim to boost EV purchasing motivation among potential users."

• - Shingo Nakajima, Power Business Development Manager at Toho Gas: "Our collaboration with Ubiden will merge our expertise in power distribution with their charging services to maximize the utilization of renewable energy and create innovative power solutions for our customers."

• - Kazuya Yoneda, Head of Impact Equity Investment at Sumitomo Mitsui Trust Bank: "Establishing everyday charging infrastructure is critical for EV proliferation, especially for foundational charging solutions. Our investment supports Ubiden's endeavors to prepare us for the impending EV future."

Conclusion

In light of these developments, Ubiden's CEO, Norio Yamaguchi, expressed gratitude for the support from new investors, emphasizing their mission to enhance the EV charging landscape in Japan. With WeCharge's success in improving accessibility to charging points in multi-unit residences, Ubiden is poised to make a significant impact on Japan's EV ecosystem and contribute to carbon neutrality goals.

For more information on Ubiden and its services, visit Ubiden Official Site or WeCharge Service Site.