Toho Gas invested an undisclosed amount in Power X, a start-up battery manufacturer and renewable energy services provider, the two companies announced on November 5, 2024.
Power X’s statement following the Series C round investment said, “Going forward, the two companies will leverage their respective strengths to explore collaboration in terms of know-how, products, and solutions related to renewable energy and energy management, and will promote efforts to realize a carbon-neutral society.”
“Our company is working to expand the development and procurement of renewable energy such as solar and biomass. However, to further expand the use of renewable energy, it is necessary to ensure the ability to respond to fluctuations in power generation due to weather and to ensure adjustment capabilities to minimize curtailment,” said Toho Gas.
In addition to manufacturing batteries, Power X has been offering X-PPAs, a PPA service that combines power from a variety of renewable sources with the company’s batteries. According to the Japan Energy Hub PPA database, it has signed such deals with Japan Post, MUFJ Bank, and Nomura Real Estate Development among others. The new partnership with Toho Gas could help Power X with reaching more customers for the service.
