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Business deals

Japan startup to ferry offshore wind power to shore in batteries

Leading shipbuilder Imabari makes almost $9m investment in PowerX

PowerX's power transfer vessels will carry batteries to transport clean energy from offshore facilities. (Photo courtesy of PowerX)

TOKYO -- Looking for an alternative to having a cable bring offshore wind energy to land? Japanese startup PowerX thinks that storing the energy in a battery and hauling it to shore is a viable approach.

The company just won a 1 billion yen ($8.84 million) investment from Imabari Shipbuilding, an industry leader in Japan, to develop the vessels. The partners will begin designing a power transport ship in January, hoping to start construction later in 2022. The acquisition of PowerX equity warrants will be part of a capital alliance.

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