Itochu, GSC to set up energy storage fund in Japan

Japanese trader Itochu Corp (TYO:8001) and Gore Street Capital Ltd are establishing a government-industry fund in Japan focused exclusively on utility-scale energy storage.

The Tokyo Metropolitan Government has selected the two companies as the co-managers of the new fund in which it plans to invest JPY 2 billion (USD 13.6m/EUR 12.5m) in fiscal 2023. Additional funds will be solicited from private enterprises, including Itochu itself, for investments in utility-scale energy storage.

The partners will look to increase the number of such systems in the Kanto area to enable the electricity market to adjust supply to meet demand, Itochu said in a statement.

(JPY 100.0 = USD 0.682/EUR 0.627)

Choose your newsletter by Renewables Now. Join for free!