MUFG Bank today announced that it has decided to invest in PowerX, Inc. (“PowerX”) with the main objectives of fostering next-generation industries, strengthening the global competitiveness of Japan’s economy, and solving environmental and social issues.
PowerX, established in March 2021, develops new businesses aimed at popularizing renewable energy, supporting the evolution of energy storage and transmission technologies. The company promotes two core businesses, the manufacture and sale of storage batteries (Project MAX) and the development and manufacture of power transfer vessels (Project ARK).
MUFG Bank has long provided stable support to venture companies that play an important role in next-generation industries through providing loans and business matching services. In addition, we support venture companies that are engaged in novel and original initiatives over the medium- to long-term through means including business support programs. This investment in PowerX will contribute to the development of nextgeneration industries that will strengthen the competitiveness of the Japanese economy and will use PowerX’s innovative approach to deliver new options for the popularization of both renewable energy and storage batteries among customers, promoting carbon neutrality initiatives.
MUFG has identified 10 priority issues to address for the realization of a sustainable environment and society, starting with its own purpose of “Committed to empowering a brighter future,” and also positioning “Supporting industrial development & innovation” and “Climate change measures & environmental protection” as priority areas. MUFG will continue to work as one Group to support the sustainable growth of our customers and to contribute to the resolution of medium- to long-term environmental and social issues and the further development and expansion of Japanese industries.
Leave a Reply