
Renewable energy developer and services company IQg formed a capital and business alliance with Second Foundation, a Czechia-based algorithmic power trading company, IQg announced on July 30, 2024.
As part of the alliance, Second Foundation invested 450 million yen (approximately $3 million) into IQg in a deal closed on July 2, 2024. Alongside the investment, Second Foundation’s COO Michal Skalský joined IQg’s board of directors.
Additionally, the two companies formed Nihon Obno LLC, a joint venture through which the two companies plan to develop solar power plants and battery storage facilities in Japan. According to the statement, through the joint venture, Second Foundation plans to invest more than 10 million euros to develop 2GW of grid-scale battery storage facilities.
“IQg has a reputation for developing solar power plants and grid-connected storage facilities, and has been acting as our sole agent in the aggregation field since January 2024,” said Skalsky.
Second Foundation has been active in the Japanese market since May 2023, when it established a wholly-owned subsidiary Trisolaris GK in the country. Since then, Trisolaris has grown to aggregate over 500MW of solar and wind power plants.