ITOCHU Corporation and Akaysha Energy Pty, Strategic Business Alliance in the Utility Scale Energy Storage Development

September 8, 2023

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President and COO; hereinafter "ITOCHU") and Akaysha Energy Pty Ltd (headquartered in Melbourne, Victoria, Australia; Nick Carter, Chief Executive Officer; hereinafter "Akaysha") have entered into a strategic alliance agreement to collaborate in their Utility Scale Energy Storage Business.

Akaysha is a business development platform owned by a fund managed by BlackRock’s Infrastructure business, and promotes the development, ownership and operation of grid storage solutions globally. The company has received investments from BlackRock's Global Renewable Power Fund in 2022 and plans to develop more than 10 GWh of energy storage plants in the future. In addition, the company is developing one of the world's largest energy storage plants, Waratah Super BESS (850MW rated output and 1,680MWh rated capacity) in Australia, which is one of the largest projects in the world, and is expanding its business further globally.

ITOCHU has installed more than 600MWh of storage batteries in Japan and abroad in its residential and industrial Energy Storage Business Sector, and is also developing Utility Scale Energy Storage Business at multiple sites in Japan. In addition, ITOCHU is expanding its value chain, which includes the supply of battery materials, the manufacture and sale of storage batteries, and their reuse and recycling, and will continue to promote business expansion.

Utility Scale Energy Storage is a technology that plays an important role in stabilizing the power supply by providing the ability to adjust to fluctuations in the output of renewable energy. Through this alliance, ITOCHU and Akaysha will aim to develop high-performance and efficient systems and strengthen their competitiveness. ITOCHU and Akaysha will also promote the joint development of energy storage plants in Japan and build on their knowledge to develop cooperation in overseas business, including Australia.

Through this collaboration, we will combine our innovative solutions to contribute to the further introduction and stable supply of renewable energy and play a role in the realization of a sustainable society.

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