August 1, 2023
Energy one step ahead
Entering the grid storage battery business that helps stabilize power supply and demand - Collaborating with RENOVA, Nagase Sangyo, and SMFL Mirai Partners to contribute to the further introduction of renewable energy -
Idemitsu Kosan Co.,Ltd. (Head office: Chiyoda-ku, Tokyo; President and CEO: Shunichi Kito; hereinafter "Idemitsu") has jointly invested with RENOVA Inc. (Head office: Chuo-ku, Tokyo; President and CEO: Yosuke Kinami), Nagase & Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President and CEO: Hiroyuki Ueshima), and SMFL Mirai Partners Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President and CEO: Tatsuro Terada) to establish Himeji Energy Storage LLC (hereinafter "Himeji Energy Storage") and enter the grid storage battery business (hereinafter "this business"). Himeji Energy Storage is scheduled to begin operation in October 2025.
Image of grid storage battery business
Image of grid storage battery business
Image of grid storage battery business
In recent years, with the increase in renewable energy sources such as solar and wind power generation, instability in electricity supply and demand has become an issue. Grid storage batteries are expected to become widespread as one of the energy storage facilities that are effective in stabilizing electricity supply and demand. In this project, a storage battery system that will be directly connected to the electricity transmission and distribution network will be installed on the former site of our Refinery, and will contribute to adjusting the balance of electricity supply and demand by charging and discharging electricity according to the time of day.
We believe that such grid storage batteries will lead to further introduction of renewable energy, and ultimately contribute to the realization of carbon neutrality society in Japan. We aim to establish a profitable electricity business model that utilizes grid storage batteries, while utilizing the know-how and human resources we have cultivated in Power/renewable energy businesses. We will continue to work toward the realization of this business in the future, as well as the realization of a locally produced and locally consumed energy system in the future.
*This project is being carried out in response to the "FY2022 Subsidy for the Project to Support the Introduction of Distributed Energy Resources that Contribute to the Expansion of the Introduction of Renewable Energy (Project to Support the Introduction of Grid Storage Systems and Water Electrolyzers)," for which the Japan Environment Creation Initiative (JCIE) is publicly soliciting applications.
【Business summary】
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Investor/Investment ratio and the role of each company |
(Operation of energy storage plants, trading in electricity markets and maintenance) RENOVA Inc.: 22% (General engineering of power storage plants, fund raising and operation of LLC) Nagase & Co., Ltd.: 22% (Battery support) SMFL Mirai Partners Co., Ltd.: 5% (Project Finance) |
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In its Medium-term Management Plan (FY2023-FY2025) announced in November 2022, the company announced that it will promote a transformation of its business portfolio through provide for society in the following 3 business domains.
Three business domains driving the evolution of Idemitsu's business portfolio
This initiative is positioned as an effort towards the development and provide for society of "Energy one step ahead" and "Smart Yorozuya" two of the three business areas mentioned above.
Regarding news release
contact information
Idemitsu Kosan Co.,Ltd. Public Relations Department, Public Relations Division