Itochu to Launch Japan’s First Fund for More Energy Storage Plants

Logo of Itochu Corp is seen outside the company’s headquarters in Tokyo

Itochu Corp. will set up a public-private fund within the fiscal year to support the spread of energy storage facilities, the company said Monday. The facilities connect storage batteries directly to the power grid and enable the charging and discharging of electricity according to supply and demand. The fund will focus on large-scale batteries and be the first of its kind in Japan.

The Tokyo Metropolitan Government is expected to contribute ¥2 billion to the fund, and investments will be sought from domestic financial institutions, with the goal of creating a ¥10 billion fund.