PowerX was listed on the TSE Growth market on December 19, 2025. It plans to use the proceeds from the IPO to increase its annual production capacity to 6.8GWh and complete the development of its next-generation large-scale battery storage product.
The company is currently building its containerized units in a factory in Okayama, which is expected to have its production capacity expanded from 0.8GWh in FY2025 to 2GWh from FY2027 onward. It plans to open another manufacturing facility in the prefecture in FY2028, ramping it up to 4.8GWh per year in FY2029.
To date, PowerX battery systems have been selected for operational and under-development projects with a combined energy capacity of about 1.5GWh. Grid-scale battery storage facilities make up about 89% of the total, with extra high-voltage assets accounting for over 900MWh. The remaining 11% is split between installations co-located with renewable generation and at C&I power consumer sites.
CEO Masahiro Ito said at a press conference at the Tokyo Stock Exchange held after the company’s listing ceremony that PowerX units increase cost “at the system level” by approximately 10% to 15% compared to using BESS manufactured in China. He noted that the company tends to be selected for assets being developed by their long-term holders rather than those seeking to sell their projects to third parties.
The Okayama-based manufacturer develops and manufactures all of its hardware and software in Japan, except for battery cells, which Ito said have been commoditized and are currently sourced exclusively from China. He added that the company plans to diversify its supply chain by beginning to also import cells from Southeast Asia by 2027.
According to Ito, grid-scale storage projects participating in the balancing market currently see “incredible IRR,” adding that “there are cases where battery system costs get recouped within months rather than the normally expected five to six years.”
He said that PowerX believes that even if prices cleared by BESS in the balancing market decrease from about 17 yen per kW per 30 minutes today to approximately 7 yen (potential new cap being discussed by METI) or 4 yen (pumped hydro levels) in the future, owners should still be able to secure “healthy 4% to 6%, and, in some instances, even 10% IRR.”
PowerX is active in several other business areas, including PPA and battery-related services, high-speed electric vehicle (EV) charger manufacturing, and power transportation vessel development, but battery storage system sales contribute the majority of its revenues.
