Renewable power: ITOCHU to invest in energy storage systems supplier Eguana
*This is a machine-translated text of the original article.
ITOCHU Corporation announced that it underwrote convertible bonds with subscription rights to shares from Eguana Technologies.
Going forward, the company plans to convert its shares according to the company’s stock price and participate in the investment.
Eguana, which is listed on the Toronto Stock Exchange, sells proprietary storage systems, mainly in North America, Australia, and Europe.
ITOCHU Corporation and Eguana formed a strategic alliance in 2015 and have been conducting joint marketing.
It was agreed that the capital relationship would be constructed for the purpose of business development in the markets of North America, Australia and Europe where the storage battery market is expected to grow in the future.
Through this tie-up, the two companies will expand sales of power storage systems in the U.S., Australia, and Europe, as well as develop virtual power plant businesses by controlling power storage systems using GridShare platforms.
Currently, ITOCHU Corporation focuses on developing storage batteries and related materials businesses, and will contribute to reducing greenhouse gas emissions by increasing renewable energy ratio, stabilizing power supplies, and realizing a decentralized energy society.
Original Text: https://ampmedia.jp/2020/03/16/itochu-eguana/