ITOCHU Group announced on December 12 that it has entered into a business and capital alliance agreement with Australia's UON (UON), which operates an off-grid power supply business, to promote decarbonization process. According to the agreement, ITOCHU Corporation will undertake Uon's capital increase through third-party allocation. The investment amount will not be disclosed but the investment ratio will be 20%. Additionally, we plan to appoint part-time directors in conjunction with the investment.
Off-grid power source using Uon's solar energy and battery storage
(Source: ITOCHU Corporation)
Uon provides off-grid power systems to areas beyond the reach of commercial grid infrastructure, such as mining sites. Until now, diesel power generation remains the mainstay and the supply of renewable energy is limited. With this capital and business alliance, Uon will comprehensively develop an off-grid renewable energy system, combining solar power generation and battery storage. The plan is that more than 65% of revenue will come from renewable energy in five years.
ITOCHU Group is promoting decarbonization businesses such as distributed power, battery storage for households, industry and the grid as well as large-scale renewable energy production using solar, biomass block and wind. Through the capital and business alliance with Uon, we will develop renewable energy systems such as off-grid and micro-grid in agriculture, construction sites and island areas, mainly targeting foreign markets.
