Japan Petroleum Exploration : JAPEX to Invest in PowerX, Inc.
August 16, 2023 at 10:06 pm EDT
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2023.8.17
Japan Petroleum Exploration Co., Ltd. (JAPEX) has made a capital investment in PowerX, Inc. (hereinafter "PowerX"), underwriting a third-party allotment of new shares to be issued in the Series B Funding.
PowerX is a start-up that develops new businesses to revolutionize energy storage systems and power transmission technologies, driven by their mission, "PowerX will invent, design, and build renewable energy solutions to drive the world into a decarbonized future." In the field of energy storage systems where they aim to contribute to further expansion of renewable energy, PowerX has been making progresses in the development, production, and sales of products and services applying their unique technologies, such as energy storage system for grid and industry/vessels, battery-integrated ultrafast EV chargers, AI software for power station operation, EV charging station services, and Battery Tankers.
JAPEX sets the renewable energy business as a focus field in "JAPEX Management Plan 2022-2030." Given the adjustability for the further spread of renewable energies, we consider that energy storage batteries will be a crucial device needed for realizing carbon neutrality. Therefore, in addition to making steady progress in developing/operating renewable energy plant projects, we would like to examine the various possibilities of energy storage batteries' utilization.
By this capital investment to PowerX, JAPEX will contribute towards carbon neutrality in 2050 through implementation and expansion of renewable energies with low environmental impact and aims in the further growth as a "comprehensive energy company," pursuing stable supply of various energies for the times.
Please refer the PDF versionfor outline of PowerX.
Please note that the information in the news is as of the announcement date and may be subject to change without notice.
JAPEX - Japan Petroleum Exploration Co. Ltd. published this content on 17 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2023 02:05:06 UTC.
Japan Petroleum Exploration Co., Ltd. is a company principally involved in crude oil and natural gas related business. The Company operates in four geological segments. The Japan segment involves in the exploration, development, production, purchase, sale, transportation of crude oil and natural gas, the production, purchase, sale, transportation of petroleum products, as well as contracting work of mining wells. The North America segment involves in exploration, development, production, purchase and sale of crude oil, natural gas, as well as bitumen which is super heavy oil collected from the oil sand layer in North America. The Europe segment involves in the exploration of crude oil and natural gas in Europe. The Middle East segment involves in the exploration, development and production of crude oil and natural gas in Middle East.
JAPAN PETROLEUM EXPLORATION CO., LTD. 
