PowerX raised funding to carry electricity from offshore wind farms to shore

PowerX has raised ¥4.1bn ($32.5m) to fund its project to carry electricity from offshore wind farms to shore in containerised batteries by 2025.

The Japanese power transfer vessel developer’s financing round was co-led by Spiral Capital and Nippon Gas, and also involved the likes of Mitsui & Co. and banks MUFG and Mizuho Capital.

Nippon Yusen Kaisha (NYK) and shipbuilder, Imabari, are also involved in the project, together with class societies DNV and ClassNK. Thay have also joined the first round of fundraising along with PowerX.

TheThe Tokyo-based company has said that it would use the funds for the construction of a battery assembly facility and research and development efforts. It plans to establish a local gigafactory for battery assembly to produce the marine batteries needed for Power ARK as well as other large-scale energy storage solutions such as grid batteries and EV fast chargers.