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| Wednesday, 26 September 2018, 12:00 JST | |
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Source: TRENDE | |
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TOKYO, Sept 26, 2018 - (JCN Newswire) - TRENDE Inc., an online renewable energy retailer selling electricity to residential customers in Japan, today announced it has closed a JPY 730 million Series A funding round led by TEPCO Ventures with strategic investments from Showa Shell Sekiyu K.K. and Dubai Electricity and Water Authority (DEWA).
TRENDE is a spinout from Tokyo Electric Power Company Holdings, Inc., the largest utility in Japan serving millions of homes and businesses. The company is led by serial entrepreneurs Tadatoshi Senoo and Jeffrey Char, and takes an environmentally responsible approach to provide consumers with clean and affordable energy. With this investment TRENDE will continue to grow its technical team and build upon its early success in the market.
Tadatoshi Senoo, CEO of TRENDE said, "The Japanese energy industry is undergoing a fundamental transformation empowered by new technologies and business models. We are delighted to partner with these global energy companies to lead this digital transformation for the benefit of our customers in Japan."
The company's Ashita Denki service offers customers 2 simple and affordable flat rate plans. In addition, the company's Hot Denki service incentivizes customers to become prosumers. TRENDE installs, operates and maintains solar panels on homeowners' rooftops and shares the cost savings with its customer. The customer does not incur any upfront costs and immediately enjoys a lower energy tariff. Moreover, at the end of the contract term TRENDE transfers ownership of the solar panels to the customer.
TRENDE expects its Ashita Denki and Hot Denki services to accelerate the widespread adoption of solar power in Japan. At which point, the company aims to leverage blockchain technology to create a peer-to-peer (P2P) marketplace for producers and consumers of renewable energy.
"We look forward to partnering with TRENDE to drive the transformation of the Japanese energy industry," said Misao Hamamoto, Senior Executive Officer Energy Solution Business COO at Showa Shell. "We believe that TRENDE will redefine the energy ecosystem in Japan with its customer-centric business model and innovative P2P platform."
"TRENDE, an upcoming Japanese electricity retailer and technology company presents a unique opportunity to forge a strong partnership between a world class utility and a dynamic startup," said H.E. Saeed M Al Tayer, MD & CEO at DEWA. "I'm confident that both DEWA and TRENDE will provide each other several strategic benefits."
About TRENDE
TRENDE Inc. is an online renewable energy retailer selling electricity to residential customers in Japan via its Ashita Denki (https://ashita-denki.jp/) and Hot Denki (https://hotdenki.jp) service websites. TRENDE is a Tokyo Electric Power Company Holdings, Inc. group company. For more information, please visit http://trende.jp/.
About TEPCO Ventures
TEPCO Ventures is a Tokyo-based wholly-owned subsidiary of Tokyo Electric Power Company Holdings, Inc., Japan's largest electrical utility. TEPCO Ventures cooperates with other members of the TEPCO Group as well as new ventures to create additional value for society while strengthening the group's overall business portfolio and earning power. https://www.tepcoventures.co.jp/en/.
About Showa Shell
Showa Shell Sekiyu K.K. is listed on the Tokyo Stock Exchange and has roots dating back more than 100 years in the downstream energy business. Showa Shell Sekiyu Group's goal is to support its customers and society as an energy solutions provider supplying safe and sustainable energy, with Oil and Energy Solutions Business as its two main businesses. http://www.showa-shell.co.jp/english/index.html
About Dubai Electricity and Water Authority
Dubai Electricity and Water Authority (DEWA) is a leading global utility that was formed in 1992 to provide Dubai's citizens and residents with a continuous and reliable supply of electricity and water. Today DEWA provide services to more than 800,000 customers with a satisfaction rate that reached more than 95%. DEWA has collaborated with several global utilities and is investing in leading startups across the globe. https://www.dewa.gov.ae/en
Topic: Press release summary
Source: TRENDE
Sectors: Energy, Alternatives, Alternative Energy, PE, VC & Alternatives
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From the Asia Corporate News Network
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