Updated October 22, 2025, 1:10 pm.: This article has been updated to reflect the appropriate scale of development as a press release issued by MBK on October 20, 2025, suggests 200MW/800MWh is combined target capacity rather than the capacity of the initial asset as first announced by the company.
Merchant Bankers (MBK) signed a memorandum of understanding with Taiwan-based EUKA Power to partner on grid-scale battery storage development in Japan, the company announced on September 1, 2025.
According to the statement, the companies plan to formalize their partnership, which will mainly focus on Kyushu, and sign agreements with other stakeholders around December 2025. While the company initially said it was considering a 200MW/800MWh project under the partnership, its October 20, 2025, announcement suggests the figure is instead a combined target capacity.
MBK said it aims to facilitate a smooth flow of capital from Taiwan into the Japanese market and provide renewable asset management services. The company entered into the energy industry recently as part of its efforts to diversify away from real estate, which currently makes up about 90% of its portfolio. In July 2025, it partnered with REIT Co. on the development of solar projects for sale. It expanded the collaboration to storage projects the following month.
EUKA Power is part of the Techmation Group, which mainly provides industrial automation machinery but also develops solar and storage technology. The statement said it is actively expanding into Japan with the support of Taiwanese financial institutions.
Other Taiwan-based players have also been active in the growing grid-scale storage industry in Japan. HD Renewable Energy affiliates were awarded seven projects totaling about 400MW in the country’s first two long-term decarbonization auctions and invested in multiple other projects. The battery system manufacturer Formosa Electronic Industries announced plans to invest in a 2MW/8MWh project.
