Ocean Power Grid Completes Series A Funding Round

TOKYO, JAPAN — Ocean Power Grid, Inc. (Head Office: Minato City, Tokyo; President and Representative Director: Hideyuki Onishi), a subsidiary of PowerX, Inc. (Head Office: Tamano City, Okayama Prefecture; Director, President and CEO: Masahiro Ito; Securities Code: 485A), has announced its decision to raise capital through a third-party allotment of new shares in its Series A funding round.

The round brings together business partners from the power, maritime, and financial sectors. Including additional investment from PowerX, the company expects to raise approximately 1.1 billion yen in total. The proceeds will fund research and development of Battery Tankers and support ongoing business operations.

Investors in This Round

• Nippon Yusen Kabushiki Kaisha

• PowerX, Inc.

• KRAFTIA CORPORATION

• CEPCO-R, LLC (Chubu Electric Power Group)

• Tatsumi Shokai Co., Ltd.

• Development Bank of Japan Inc.

• Mizuho Bank, Ltd.

*In conjunction with this round, Kyushu Electric Power Co., Inc. plans to exercise its Series 1 J-KISS-type stock acquisition rights to become a shareholder of Ocean Power Grid.

Ocean Power Grid is developing three core businesses: marine power transmission using Battery Tankers, microgrids for remote islands and ports, and offshore data centers. Battery Tankers carry large-scale battery systems onboard vessels to deliver surplus mainland electricity to remote islands. They also enable power sharing between islands where renewable energy adoption is advancing, as well as the transport of electricity generated by offshore wind and other sources. Through these capabilities, the company aims to build a "distributed energy network" for flexible interregional power sharing, contributing to greater energy self-sufficiency across Japan and its remote island communities.

The company is currently conducting technology verification and establishing commercial viability through its inaugural project on Yakushima Island. Capital and business alliances with the investors in this round will further strengthen its technological, operational, and financial foundation.

Decarbonization through the PowerX Group's battery energy storage systems and related products is also urgently needed in remote island communities. In light of this, Ocean Power Grid has taken on the role of developing microgrids powered by stationary battery energy storage systems in remote island and port areas, as well as driving the adoption of Scalable Modular Data Centers.

Comment from Hideyuki Onishi, President and Representative Director of Ocean Power Grid:

"Marine power transmission through Battery Tankers is an unprecedented, cross-industry challenge. It requires collaboration with leaders across different fields, and the participation of our new partners gives us even greater confidence in achieving early commercialization. Beyond marine power transmission, we will develop microgrids and expand the deployment of Scalable Modular Data Centers to transform the energy landscape of remote islands, ports, and ultimately all of Japan."

^{*This press release is intended solely for informational purposes and does not constitute a solicitation of securities under the Financial Instruments and Exchange Act.This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.}

About Ocean Power Grid

• Company Name: Ocean Power Grid, Inc.

• Founded: February 9, 2024

• Representative: Hideyuki Onishi, President and Representative Director

• Location: Midtown Tower 43F, 9-7-1 Akasaka, Minato-ku, Tokyo

• Website: https://oceanpowergrid.jp/

• Businesses:

  • Development and sale of Battery Tankers and operation of offshore power transmission services

  • Microgrid development for islands and ports

  • Offshore and island-based data center solutions