PowerX Raises 2.46 Billion JPY in the First Half of Series C Funding - Newsroom - PowerX, Inc.
Summary
TOKYO, JAPAN PowerX, Inc. (Head Office: Minato, Tokyo, Japan; Director, President & CEO: Masahiro Ito, hereafter PowerX) today announced the completion of raising 2.46 billion yen in the first half of its Series C funding. As a result, the total funds raised by PowerX to date, including this round, is approximately 25.92 billion Japanese yen.-New Investments in Series C Round:Toda CorporationSMBC Nikko Securities Inc.One other financial institution, among other-Additional Investments from Existing Shareholders:Frontive HoldingSpiral Capital, Inc.Chugin Capital Partners Co., LtdEmployee stock ownership plan and othersPowerX is steadily progressing in the shipment and deployment of its battery energy storage products and services. Since the mass production of our battery-powered ultrafast EV charger, the Hypercharger, began last autumn, more than 60 units have been shipped, with chargers now widely deployed across Japan at car dealerships, roadside stations, and commercial buildings.Additionally, production of our stationary energy storage systems is set to increase at our partner factory in Tamano City, Okayama Prefecture, in response to the large-scale installation of grid storage battery projects expected to begin later this year. In the energy supply business, we have also started providing renewable energy to office buildings in the Tokyo area, marking another important step achieved this summer.Looking ahead, we will continue to focus on supporting the transition to a decarbonized society by delivering innovative battery energy storage solutions from our domestic production and development hubs in Japan.We are truly grateful for the investment from some of Japans leading companies in the first half of our Series C round.PowerX has entered a growth phase, and we are steadily advancing mass production, shipments, and product operations to meet increasing demand. As Japan accelerates its adoption of renewable energy, large-scale batteries must offer not only competitive pricing and performance but also the reliable maintenance and support that domestic production provides.