Japan's Itochu to invest in battery farms for renewable energy

Trading house sees new business profitable in tie-up with Australia's Akaysha

An excess of solar power generation over what the grid can handle has led to a sharp increase in demand for storage batteries in Kyushu, southern Japan.

TOMOYA ONISHI and NAOYUKI TOYAMA, Nikkei staff writers

September 7, 2023 20:37 JST

TOKYO -- Japanese trading house Itochu will invest in the business of battery farms storing energy from renewable sources, Nikkei has learned. Widespread use of such large-scale storage could lead to the effective utilization of renewable energy in Japan, which has lagged behind the U.S. and Europe.

The Warren Buffett-backed trading house will tie up with Australia's Akaysha Energy, which operates storage batteries to generate renewable energy. The two companies aim to commence the storage battery business in 10 to 20 locations mainly in Japan.