Itochu invests in British power storage system startup Moixa

January 29, 2018

Tokyo- Major Japanese trading house Itochu Corp. said Monday that it has invested some one billion yen in British startup Moixa Energy Holdings Ltd., which develops and offers electricity storage systems that use artificial intelligence.

With the investment, Itochu will acquire an equity stake of nearly 20 percent in the London-based company.

Itochu hopes to utilize Moixa's GridShare, a power control system, to expand its energy business, officials said.

Moixa offers optimal control systems for electricity, including sales of surplus electricity from multiple storage batteries to electric companies. GridShare can be connected to equipment such as home appliances and electric vehicles.

Itochu plans to install GridShare in its own energy storage system, Smart Star, by around summer this year.

The company will also consider installing GridShare in its Virtual Power Plant business, which adjusts power according to electricity supply and demand, and for the management of electric vehicle battery charge. Jiji Press