TOKYO, Oct 25 (Reuters) – Japan’s Sustech plans to raise $50 million from investors, valuing the energy technology startup at more than $800 million, people familiar with the matter said. spoke. Global demand for clean energy.
Sustech’s valuation of 124 billion yen ($816 million) in its fourth funding round jumps 3.5 times from last year’s valuation of 35 billion yen, bringing it closer to joining the ranks of fewer than a dozen Japanese unicorns. said the official. It’s worth more than $1 billion.
The sources declined to be identified, saying the matter is private.
The soaring valuations are being driven by strong global appetite for investment in clean energy technology and infrastructure, which the International Energy Agency estimates will reach $2 trillion this year, far more than fossil fuels. That’s twice the amount spent on fuel.
Founded in 2021, Sustech builds renewable power plants to help customers reduce their carbon footprint, and provides artificial intelligence to predict power generation and maximize profits from selling electricity in the wholesale market. We are developing intelligent (AI) based systems.
The latest funding round was led by ceramics maker NGK (5333.T), which opens in a new tab and is already partnering with Sustech in the energy storage plant business, the people said.
The funds raised will help fund the construction of renewable energy power plants and the development of AI to improve grid stability, but will also help fund the construction of renewable energy power plants and the development of AI to improve grid stability, but will also help fund the construction of renewable energy power plants and the development of AI to improve grid stability. Stability will become increasingly important as the economy grows, the officials said.
Sumitomo Mitsui Trust Group (8309.T), formerly SoftBank Group (9984.T), opens in new tab Chief strategy officer and startup investor Katsunori Sago is one of 30 investors in Sustech It is. The company aims to list on the Nasdaq market by early 2028, according to people familiar with the matter.
The company has launched a 150 billion yen fund with real estate developer Tokyu Land Corporation and a 20 billion yen fund with transportation company Ryobi Holdings to build a renewable energy power plant.
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Reporter: Makiko Yamazaki Additional interview: Raika Kihara Editing: Shri Navaratnam
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