TEPCO Group TEPCO Ventures, Inc.

NEWS

TEPCO Ventures Invests in Adon Group of Hawaiian Renewable-energy Firms —Aims to expand energy-storage solution business—

Sep 20,2018
TEPCO Ventures, Inc.

TOKYO, September 20, 2018 — TEPCO Ventures announced today that it has invested in Hawaii renewable energy company Adon group. The investment was made through TEPCO Innovation & Investments US, Inc., TEPCO Ventures’ wholly owned subsidiary in the United States.

Adon Construction Inc., Adon Renewables Corporation and Green Vision LLC have been engaged in the development, construction, operation, maintenance and asset management of solar facilities, mainly for C&I customers across the Hawaiian islands, since 2007. They provide power purchase agreements (PPAs) involving advanced solar systems equipped with battery storage.

Hawaii is the first US state to set a renewable portfolio standard (RPS) for the electricity sector, mandating 100% renewable energy by 2045. Under this guidance, installations of solar photovoltaic (PV) systems have been increasing rapidly and PV systems equipped with battery storage have become the solution to solve demand-supply and system-voltage problems in electrical grids.

In December 2017, TEPCO Ventures acquired a 50 percent interest in Battery Utility of Ohio, LLC (BUO), which provides frequency regulation services to PJM, a U.S. regional transmission organization.* Since then, TEPCO Ventures has been developing its energy-storage solution business in various fields, not only for utilities but also C&I and residential customers.

*https://www7.tepco.co.jp/newsroom/press/archives/2017/1468869_10469.html

In partnership with the Adon group, TEPCO Ventures will participate in the Hawaii C&I market and develop new business models such as resource aggregation and demand response.

According to TEPCO Ventures President Shinji Akatsuka: “TEPCO Ventures is seeking opportunities to develop innovative businesses with reliable business partners around the world. We want to create advanced, environmentally friendly technologies to accelerate the energy industry’s transformation and evolution.”

Michael M. Chen, president of several Adon companies, said, “Our vision is to decentralize electricity delivery by offering environmentally friendly, customized and innovative renewable energy solutions globally.”

 

Capital Participation Scheme

Reference
TEPCO Ventures, Inc.
Head Office         :Tokyo, Japan
Established          :2018
Business              :Creation, investment in, and management support of start-up ventures
President             : Shinji Akatsuka

TEPCO Innovation & Investments US, Inc.
Head Office         :Delaware, US
Established          :2017
Business              :Project development, investment in, and asset management
President             : Hiroyasu Kawashima

Adon Group
Adon Construction Inc.
Head Office         : Hawaii, US
Established          :1979
Business              : Project development and EPC business
President            : Michael M Chen

Adon Renewables Corporation
Head Office         : Hawaii, US
Established          :2015
Business              : Procurement of equipment
President            : Michael M Chen

Green Vision LLC
Head Office         : Hawaii, US
Established          :2008
Business              : Operation, maintenance, and asset management
President            : Michael M Chen

For more information, visit www.adonsolar.com.

About TEPCO Ventures
TEPCO Ventures is a Tokyo-based wholly owned subsidiary of Tokyo Electric Power Company Holdings, Inc., Japan’s largest electrical utility. The company is exploring next-generation businesses that fuse platforms for energy and other industries. To operate such businesses, TEPCO Ventures is engaged in forming wholly owned subsidiaries under the TEPCO group and joint-venture companies with partners both in Japan and overseas.